Euronext's battle with Nasdaq for the takeover of Oslo Bourse has been boosted by a positive recommendation from the Norwegian Financial Supervisory Authority.
Euronext and Nasdaq have both tabled identical bids of $790 million for the Nordic bourse in a back-and-forth exchange which has been ongoing since the turn of the year.
Euronext kicked off the bidding with a EUR625 million offer for the Nordic exchange that was first tabled back in January.
Oslo Bourse management rebuffed the approach and invited rival bidders, paving the way for Nasdaq to enter the bidding.
While Nasdaq claims to have support from shareholders representing 35.11% of the total shares of Oslo Børs, including the Nordic exchange's two largest shareholders DNB and KLP, Euronext had already secured support from 50.5% of shareholders.
With the green light from Finanstilsynet, Euronext now awaits final approval from the Norwegian Ministry of Finance which is the last major condition to complete the transaction.
Stéphane Boujnah, CEO and chairman of the managing board of Euronext said: “Euronext is convinced it is the best owner for Oslo Børs VPS and confirms that it will ensure that all remaining shareholders will get an opportunity to tender their shares to Euronext at the same terms in connection with or following final regulatory approval and fulfilment of all offer conditions."