Thursday 11 April 2019 3:14 pm | Updated: Monday 03 June 2019 1:26 am

Nasdaq increases Oslo Bors stake as battle with Euronext comes to a head

Nasdaq has grabbed more of a stake in Norwegian stock exchange Oslo Bors as it looks to gain the upper hand in its battle with Euronext.

The US giant increased its stake by around two per cent, leaving 37 per cent of Oslo Bors shares owned by Nasdaq or committed to support its takeover bid.

Nasdaq has been locked in an intense battle with the Pan-European exchange operator over Oslo Bors since the end of last year.

Both offers of 158 Norwegian kroner per share, value the business at roughly 6.8bn Norwegian kroner (£600m).

Euronext’s offer has the backing of shareholders representing 53.2 per cent of the company, but the Oslo Bors board has publicly supported Nasdaq’s bid.

Earlier this week both companies revealed that they had been approved as “fit and proper” owners by the Norwegian Financial Supervisory Authority (FSA).

The country’s Ministry of Finance is now expected to step and make a decision in the coming months but both sides remained confident.

Nasdaq Nordic president Lauri Rosendahl said: "Based on the support by the board and key stakeholders, we remain confident that our offer is the best alternative for the continued long-term success of the Norwegian financial markets, and we look forward to the final decision of the Ministry of Finance."