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Nasdaq buys Nordic stock exchange | Nasdaq buys Nordic stock exchange |
(about 2 hours later) | |
The Nasdaq Stock Market has signed a complex deal with Borse Dubai that will leave Nasdaq owning the Nordic stock market operator OMX. | The Nasdaq Stock Market has signed a complex deal with Borse Dubai that will leave Nasdaq owning the Nordic stock market operator OMX. |
Borse Dubai will proceed with its $4bn (£2bn) takeover of OMX but will then sell all of the shares to Nasdaq. | Borse Dubai will proceed with its $4bn (£2bn) takeover of OMX but will then sell all of the shares to Nasdaq. |
In return, Borse Dubai will receive a 20% stake in Nasdaq and 28% of the London Stock Exchange (LSE). | |
Also on Thursday, the Gulf state of Qatar announced that it had bought a 20% stake in the LSE. | |
The Qatar Investment Authority said it was a long-term investment but that it did not intend to make an offer for the whole of the LSE unless another company did so first. | |
Takeover battle | |
OMX operate stock markets in Iceland, Copenhagen and Helsinki as well as Stockholm, which is where it is based. | OMX operate stock markets in Iceland, Copenhagen and Helsinki as well as Stockholm, which is where it is based. |
The deal resolves a takeover battle for OMX between Nasdaq and Borse Dubai. | The deal resolves a takeover battle for OMX between Nasdaq and Borse Dubai. |
A $4bn offer from Dubai had trumped an earlier $3.7bn recommended offer from Nasdaq. | A $4bn offer from Dubai had trumped an earlier $3.7bn recommended offer from Nasdaq. |
The deal will have to be approved by shareholders and regulators in Europe and the US. | The deal will have to be approved by shareholders and regulators in Europe and the US. |
Nasdaq announced last month that it was going to sell some of its 31% stake in the London Stock Exchange after shareholders rejected its takeover offer for the UK exchange in February. | Nasdaq announced last month that it was going to sell some of its 31% stake in the London Stock Exchange after shareholders rejected its takeover offer for the UK exchange in February. |
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