Euronext has secured the majority of shares in Oslo Børs

Euronext is approaching the acquisition of the Oslo Stock Exchange after the company’s position in the holding company has now increased to 50.6 per cent through the purchase of shares and advance acceptances. The Center Party expects the government to stop selling.

Euronext, an association of five European exchanges, presented the acquisition plans of the Oslo Stock Exchange on Christmas Eve. The company had already received advance acceptance from shareholders holding 49.6 per cent of the shares in the holding company Oslo Børs VPS Holding. The acquisition is, however, conditional on at least 50 per cent of the current shareholders accepting the bid and that it is approved by the relevant authorities.

The company states on Friday that 45.5 per cent includes advance acceptance of outstanding shares, while 5.1 per cent is the acquisition of nearly 2.2 million shares.

Will pay 6.24 billion

– That the limit of 50 per cent of all outstanding shares has been reached, shows Oslo Børs VPS’s shareholders’ interest in the launch of Euronext’s offer. One of the conditions for implementation is now fulfilled and strengthens Euronext’s assessment of a successful outcome. Euronext will continue a constructive dialogue with all the shareholders in Oslo Børs VPS, said in a press release.

Today, Euronext has stock exchanges in Amsterdam, Brussels, Lisbon and Paris and recently bought the Irish stock exchange.

The company has stated that as soon as practically possible, it will pay NOK 6.24 billion to take over the outstanding shares in Oslo Børs VPS. The bid entails a price of NOK 145 per share, 32 percent higher than the last listing for the company behind the Norwegian stock exchange.

Unique position

– Euronext believes the unique strategic and competitive position of Oslo Børs, including world management in seafood derivatives and solid expertise in oil and shipping, will further strengthen Euronext’s position, the company said on Christmas Eve.

According to Euronext, there is a shareholder group in Oslo Børs VPS who contacted and asked the company to consider buying the shares in the holding company.

However, Euronext emphasizes that it is not yet certain that the acquisition will be completed.

Requires intervention

The Center Party is not enthusiastic about the possible sale of Oslo Børs to foreign owners, and believes the government must intervene.

– The exchange is an important part of Norway’s economic infrastructure and, in our view, will not be part of a European stock exchange group. The announced acquisition needs acceptance from the authorities. The central party’s clear expectation is that the government will stop the sale, says Geir Pollestad, head of the industry committee at the Parliament.

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