LONDON • Norway’s markets regulator approved Euronext NV and Nasdaq Inc as owners of the country’s stock exchange, leaving the final decision on who will come out on top in the US$790 million (RM3.24 billion) takeover battle to the Finance Ministry (MoF).

In separate statements yesterday, Euronext and Nasdaq both said they were deemed “fit and proper” to own the Oslo exchange and that they are confident in their offer.

The MoF confirmed the recommendations by the Financial Supervisory Authority. The ministry now has until May 14 to decide, though it can extend the deadline if it sees the need to gather more information, it said in an emailed statement.

Euronext’s attempt to buy Oslo Bors has been highly unusual ever since the operator of the Paris and Amsterdam stock exchanges first announced its bid on Christmas Eve. A group of Oslo Bors shareholders hired an investment bank to sell their combined stake to an interested bidder in the run-up to Christmas. Euronext won that auction and with it the backing of 45% of Oslo Bors’ shares before the target company’s board even knew an auction had taken place.

Oslo Bors’ board subsequently criticised the auction and convinced US exchange operator Nasdaq to make a counter-bid for the company. Although 35% of Oslo Bors’ shareholders — including Norway’s biggest bank and pension fund — support Nasdaq’s bid, Euronext has secured a simple majority of the shares. — Bloomberg