Oslo Børs considers NOS buy out

Oslo Børs considers NOS buy out

Nord Pool (the Nordic Power Exchange) and Oslo Børs are considering a joint restructure of their individual agreements with clearing and settlement firm NOS.

The two exchanges currently have agreements with different organisational units of NOS. Both agreements with NOS expire during the coming two years.

Nord Pool operates marketplaces for trade in electric power contracts and financially settled power derivatives. Oslo Børs operates marketplaces for trade in shares, bonds and derivatives.

Several alternatives are under consideration by the two exchanges, including a joint tender to buy-out all NOS shareholders. Nord Pool and Oslo Børs are requesting a dialogue with NOS to obtain access to information other than what has been made public in the company's annual reports and other documentation.

The two exchanges believe that a possible buy-out of NOS shareholders may lead to consolidation of the clearing services in Norway which should meet the needs of the Norwegian securities market in the long term. For trading in power contracts, a buy out may also lead to a consolidation of clearing services for all Nordic countries, say the exchanges.

The per-share price offered in any joint buy out is not expected to exceed the current market price of NOS stock.

NOS shares trade in the OTC market of the Association of Norwegian Stockbroking Companies. Nord Pool currently owns 20 per cent of NOS shares. Oslo Børs has no NOS shareholding.

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