Nasdaq and Borse Dubai fight about OMX tougher by Nina Gotzmannova

At first it seemed like a quick deal. Nasdaq, American stock company will buy OMX, Swedish-Finnish financial service company from Nasdaq OMX Group. Because OMX is world leader in financial instruments trading systems, the price was high, $3.7 billion. But then Borse Dubai came into speculations. Bid of Borse Dubai was higher, $4 billion. They are interested in OMX because with this purchase they can get brilliant access to the biggest firms in Scandinavia. Last week Borse Dubai purchased a 27.4% stake in the exchange for 230 kronor ($33.3) per share. But the stakes has increased by now. Nowadays an OMX share is worth 265 kronor ($40.67) per share. Last week appeared someone new, who also showed interest. Qatar Investments Authority bought 9.98 % stake last Thursday and it is possible the stake had increased to 14 % by now. They had also purchased 20% in London Stock Exchange. So Nasdaq and Borse Dubai were forced to make a deal and not to argue about the price. If they will wait too long, someone else will take OMX. They agreed, that Nasdaq will control OMX, while Borse Dubai will receive several 'favors', such as 20 % stakes in Nasdaq. On Wednesday both companies announced some news. They had raised their bid to $4.9 billion. So it is harder for Qatar group to fight for the company. They also took some steps to prevent Qatar to block the takeover. In response for this bid Nasdaq and Borse Dubai has received support from several key shareholders in OMX. They are currently searching for the support from other important shareholders.

by Nina Gotzmannova for PocketNews (http://pocketnews.tv)

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