Nasdaq is discussing a potential deal to buy Oslo Bors, and rival Euronext’s €625m bid for the Norwegian exchange.
The US exchanges operator, which also owns the main exchanges in Denmark, Sweden and Finland, is meeting the Oslo board today to discuss a possible combination, two people with knowledge of the process said. Nasdaq declined to comment. Oslo Bors could not be reached for comment.
Oslo faces an unsolicited takeover from Euronext, which also owns the Paris, Amsterdam, Brussels, Dublin and Lisbon stock exchanges. The Paris-headquartered group is trying to take full control after purchasing 45 per cent of shares in December, put up for auction as a block by a group of shareholders. Euronext has agreed to pay NKr145 per share.
It subsequently bought another 5.3 per cent on the market, giving it majority ownership and making it the fourth-largest shareholder.
But Oslo said subsequently it had been contacted by interested parties who did not participate in December’s auction. One of them is Nasdaq, the people said. The auction was run by Carnegie, the Swedish investment bank.
Euronext, which announced the deal on Christmas Eve, earlier this week launched a tender process to buy out the other shareholders.
Oslo’s two largest shareholders, DNB Bank and Kommunal Landspensjonskasse (KLP), have said they will wait for a board recommendation. The two collectively own nearly 30 per cent of shares.
“It is crucial for us to have a complete picture of how a potential new owner will contribute in developing Oslo Stock Exchange as a suitable market place for Norwegian companies, both large, medium and small,” KLP said in a statement on Tuesday. “This is more important for us to consider than what at any given time gives us the best price.”