NEW YORK, Sept. 19 Nasdaq Stock Market Inc. is close to selling its 31 percent stake in London Stock Exchange Group PLC to Bourse Dubai, published reports said Wednesday.
The No. 2 U.S. stock exchange would sell the stake as part of a plan to buy Sweden's OMX AB Nordic exchange, The Wall Street Journal and Financial Times reported.
Nasdaq said in May it would buy OMX for $3.7 billion, but was trumped by Dubai's $4 billion offer in August.
Details between Nasdaq and Dubai were unclear late Wednesday, and it was possible rival Qatar Investment Authority could raise its own offer for the stake, valued at $1.8 billion to $2 billion, the newspapers said.
Trading in OMX shares was suspended Wednesday afternoon in Europe amid speculation the bidders had reached a deal.
An announcement is set for Thursday, the newspapers said.
Nasdaq is trying to sell its stake, in part, to help finance its OMX bid.
If it sells 30 percent or more of the London exchange, the buyer under British rules might have to bid for the entire LSE.
It was unclear if Dubai had any interest in the entire exchange or what LSE's reaction would be to getting Dubai as a new shareholder, the Journal said.
Dubai's interest in purchasing the LSE stake likely reflected its concern it couldn't gain approval to buy OMX, the reports said.
Copyright 2007 by UPI
