Dubai 'set to bid for Nordic OMX'
Monday, 13 August 2007
The Dubai stock exchange is expected to make a formal bid to buy Nordic exchange OMX, according to reports.
The exchange is tipped to make an offer of about $4.03bn (£2bn), which could scupper Nasdaq's $3.7bn bid for the Swedish-based exchange, reports BBC.
OMX runs the Nordic Exchange, which gives investors access to leading firms in Scandinavia and the Baltic states.
Last week the Dubai International Financial Centre, parent of the Dubai exchange, upped its OMX stake to 27.4 per cent.
The Dubai exchange recently bought OMX shares for 230 kronor each, according to Borse Dubai.
That figure marked a 11 per cent increase on Nasdaq's 208.1 kronor offer made to buy OMX in May.
The price the Dubai exchange would offer for OMX is expected to match the price it paid for shares, thereby beating Nasdaq's offer.
If successful it would mark a second set-back for Nasdaq, after it was thwarted in its $5.3bn bid to buy the London Stock Exchange.
The exchange is tipped to make an offer of about $4.03bn (£2bn), which could scupper Nasdaq's $3.7bn bid for the Swedish-based exchange, reports BBC.
OMX runs the Nordic Exchange, which gives investors access to leading firms in Scandinavia and the Baltic states.
Last week the Dubai International Financial Centre, parent of the Dubai exchange, upped its OMX stake to 27.4 per cent.
The Dubai exchange recently bought OMX shares for 230 kronor each, according to Borse Dubai.
That figure marked a 11 per cent increase on Nasdaq's 208.1 kronor offer made to buy OMX in May.
The price the Dubai exchange would offer for OMX is expected to match the price it paid for shares, thereby beating Nasdaq's offer.
If successful it would mark a second set-back for Nasdaq, after it was thwarted in its $5.3bn bid to buy the London Stock Exchange.