Euronext secures majority backing of Oslo stock exchange shareholders ahead of bid

Euronext secures majority backing of Oslo stock exchange shareholders ahead of bid
FILE PHOTO: The logo of stock market operator Euronext is seen on a building in the financial district of la Defense in Courbevoie, near Paris, France, May 14, 2018. REUTERS/Charles Platiau/File Photo -
Charles Platiau(Reuters)
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PARIS (Reuters) – Pan-European exchanges group Euronext NV <ENX.PA>, which is bidding to buy Oslo Bors <OSLO.NFF>, said on Friday it had now secured the backing of a majority of shareholders in the Norwegian stock market operator.

Euronext said shareholders representing 50.6 percent of the capital of Oslo Bors had agreed to sell their shares ahead of the tender offer that Paris-listed Euronext plans to launch in the coming weeks.

On Monday, Euronext had said shareholders representing 49.6 percent of Oslo Bors’ capital backed its bid.

Euronext, which already operates bourses in Paris, Amsterdam, Brussels, Lisbon and Dublin, has offered to buy Oslo Bors for 625 million euros (565 million pounds), a price that represents a 21 percent premium to the Norwegian firm’s share price at the close of trade on Dec. 21.

Euronext seeks to build a diversified pan-European group of stock markets but opportunities in the region are scarce, either because operators already belong to industry heavyweights such as London Stock Exchange <LSE.L> and Nasdaq Inc <NDAQ.O> or because shareholders want to remain independent.

(Reporting by Inti Landauro; Editing by Susan Fenton)

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