D
Dubaiya Bush
Guest
Dubai upsets Nasdaq bid for Scandinavian exchanges
http://business.timesonline.co.uk/t...ectors/banking_and_finance/article2231254.ece
A bidding war is looming for OMX, the Stockholm-based operator
of stock exchanges in Scandinavia and the Baltic, after
Dubai gatecrashed an agreed takeover by Nasdaq.
A Dubai adviser said his client had yet to decide whether
to mount a full bid for OMX, which owns the Copenhagen,
Helsinki, Stockholm, Iceland, Talinn, Riga and Vilnius exchanges.
Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai,
is keen to build up his country as a financial powerhouse
and has taken strategic stakes in Euronext, the operator
now merged with the New York Stock Exchange, Standard Chartered
and Deutsche Bank.
A bidding war would be the latest twist in the worldwide
consolidation of stock exchanges that has been a feature
of the past couple of years. It would also put further
financial pressure on Bob Greifeld, the Nasdaq chief executive,
who has to decide by the end of the year what to do with his
22 per cent stake in the London Stock Exchange.
This is the legacy of Nasdaq's failed bid for the LSE
and he has the option of selling the stake.
There had been rumours in May that Dubai, which had retained
HSBC as an adviser, might counterbid. Under the rules on the
Stockholm exchange where OMX is quoted, if the 25 per cent
offer succeeds and he mounts a bid, this must be at the
SKr230 (
http://business.timesonline.co.uk/t...ectors/banking_and_finance/article2231254.ece
A bidding war is looming for OMX, the Stockholm-based operator
of stock exchanges in Scandinavia and the Baltic, after
Dubai gatecrashed an agreed takeover by Nasdaq.
A Dubai adviser said his client had yet to decide whether
to mount a full bid for OMX, which owns the Copenhagen,
Helsinki, Stockholm, Iceland, Talinn, Riga and Vilnius exchanges.
Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai,
is keen to build up his country as a financial powerhouse
and has taken strategic stakes in Euronext, the operator
now merged with the New York Stock Exchange, Standard Chartered
and Deutsche Bank.
A bidding war would be the latest twist in the worldwide
consolidation of stock exchanges that has been a feature
of the past couple of years. It would also put further
financial pressure on Bob Greifeld, the Nasdaq chief executive,
who has to decide by the end of the year what to do with his
22 per cent stake in the London Stock Exchange.
This is the legacy of Nasdaq's failed bid for the LSE
and he has the option of selling the stake.
There had been rumours in May that Dubai, which had retained
HSBC as an adviser, might counterbid. Under the rules on the
Stockholm exchange where OMX is quoted, if the 25 per cent
offer succeeds and he mounts a bid, this must be at the
SKr230 (