Nasdaq withdraws offer to acquire Oslo stock exchange

US stock market operator Nasdaq said Monday it was withdrawing its offer of nearly 700 million euros ($784 million) to acquire the Oslo Stock Exchange, clearing the way for its European competitor Euronext. “This decision has been made because under the current circumstances the minimum acceptance condition for completion of the offer is incapable of being satisfied,” the company said in a statement.

Nasdaq, which controls all the other Nordic stock exchanges, has been battling with Euronext to acquire the stock exchange since the start of the year. Nasdaq had the blessing of the bourse’s board and management, but Euronext gained an advantage by securing the support of a majority of the Oslo exchange’s shareholders.

The US stock operator’s hopes were dashed on May 13 when the Norwegian government declared that both Euronext and Nasdaq were “suitable owners”. Euronext aims to complete the transaction by the end of June.