Nasdaq has withdrawn its takeover offer for Oslo Børs, clearing the way for Euronext to buy the Norwegian exchange operator.
Nasdaq and Euronext have been in a protracted battle for Oslo Børs, with both tabling 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.
However, earlier this month the Norwegian government gave Euronext approval to buy more than 50% of Oslo Børs, effectively killing off Nasdaq's chances.
Says a Nasdaq statement: "This decision has been made because under the current circumstances the minimum acceptance condition for completion of the Offer is incapable of being satisfied."
Nasdaq - which already operates trading venues in Denmark, Sweden, Finland and Iceland - is stressing its commitment to the region, noting plans to launch a pan-European Day-Ahead Market for electricity certificates, with Norway as its epicentre.