Oslo Bors and VPS terminate merger talks
13 January 2004 | 2970 views | 0
Oslo Bors and Norwegian depository VPS have terminated their latest round of merger negotiations after management of the two entities failed to agree terms.
Merger negotiations between the Norwegian stock exchange and national securities depository have been ongoing for several years. The latest round of talks were resumed in April when VPS changed its ownership structure from a foundation to a user-owned institution in an initiative designed to pave the way for a future agreement. Both sides went public on the discussions in November and hired financial advisors to evaluate a deal.
In a statement, the companies say: "Following comprehensive and constructive discussions, the parties have identified attractive strategic prospects for an integration of VPS and Oslo Bors. However the parties' negotiation teams have not found it possible to agree on the terms of a merger agreement at the current time."
The parties say they will continue to maintain close contact, with a view to resuming discussions in the event of any change in the basis for negotiations.