Chinese $1.2 Billion Takeover Of Norway's Opera Fails, But Alternative Deal Set

[Ron Burgundy]

A $1.24 billion agreed takeover of Norwegian online browser and advertising company Opera Software by a Chinese consortium of internet firms has failed, Opera said on Monday, after warning last week the deal had yet to win regulatory approval. As an alternative, the consortium, which includes search and security business Qihoo 360 Technology Co and Beijing Kunlun Tech Co, a distributor of online and mobile games, will take over certain parts of Opera's consumer business for $600 million, Opera said in a statement. The deal had needed the approval of Chinese and U.S. authorities, but last week Opera warned that regulatory approval had yet to be received, without specifying whether approval from China, the United States, or both, was lacking.

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[Toast]

I lol'd.