The share of stock exchange Euronext declined Wednesday. His American rival Nasdaq also announced his bid for the Norwegian stock exchange company Oslo Børs. They have the support of the board.
Nasdaq’s bid amounts to almost 674 million euros in cash, while the Euronext proposal is approximately 625 million euros. Nasdaq says it has the support of shareholders with more than a third of the Oslo Børs shares, including the two largest shareholders of the company. With its proposal, Euronext secured the support of shareholders with over 50 percent of the documents.
ING analysts conclude that Nasdaq can only get a minority stake in theory. However, they also point out that the Norwegian Ministry of Finance will also decide on the matter, on the advice of the financial watchdog in the country. A situation where approximately one third or more of the shareholders refuse the Euronext bid will not result in an optimal ownership structure.
ING has a buy-advice on Euronext, which was 2.7 percent lower at 53.05 euros around 09.30 hours. In addition, Deutsche Bank announced that it will follow the Euronext share with a purchase recommendation.