Opera chairman: approval of $1.2 billion Chinese takeover deal not received in time

OSLO (Reuters) - Regulatory approval for a Chinese $1.2 billion takeover deal of Norwegian online browser Opera Software had not been received in time of a final deadline for the deal last Friday, the chairman of Opera Software said on Monday.

“It was not a negative outcome: it was not concluded,” Opera Chairman Sverre Munck said during a conference call on Monday following the announcement of the failure of the original deal.

He declined to say whether regulatory approval by China, the United States, or both, had been lacking. An alternative $600 million for parts of the business has been approved by the board of the company.

Reporting by Gwladys Fouche, editing by Stine Jacobsen