Nasdaq joins with Borse Dubai in exchange grab
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Thu, 20 Sep 2007 08:57:05 GMT |
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By Sven Nordenstam and Daisy KuSTOCKHOLM/LONDON (Reuters) - Nasdaq and Borse Dubai joined forces on Thursday with a deal to buy Nordic markets operator OMX and create "a global financial marketplace" which will see Borse Dubai taking key stakes in London Stock Exchange and Nasdaq.Under the deal Borse Dubai will end up with a 20 percent stake in Nasdaq and Nasdaq will take a strategic stake in Dubai International Financial Exchange (DIFX), which it said will be rebranded with the Nasdaq name and licensed to use Nasdaq and OMX market technology."The combination will create the largest global network of exchanges and exchange customers linked by technology," Nasdaq's chief executive and president Bob Greifeld said.Nasdaq said it will take Borse Dubai's existing stake in OMX, and will also buy from Nasdaq a 28 percent stake in the London Stock Exchange but Borse Dubai will continue with its 230 Swedish crown per share offer for OMX, which values OMX at around $4 billion, while Nasdaq will withdraw its current cash-and-shares bid.Borse Dubai is a holding company for the Dubai government's stakes in Dubai Financial Market and the Dubai International Financial Exchange (DIFX).OMX, in addition to owning and running exchanges in Sweden, Denmark, Finland, Iceland and the Baltic states, provides technology to about 60 exchanges worldwide, including the Australian Securities Exchange, Nordic power market Nordpool and the Singapore Exchange.
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