THE SUNDAY TIMES: THE owner of the Dubai stock exchange is to seek approval from the board of the leading Scandinavian bourse to make a full £2 billion takeover offer for the exchange this week.
The Dubai International Financial Centre (DIFC), which owns the emirate’s fledgling stock exchange, has lined up meetings with key shareholders of Swedish-based OMX and the company management, ahead of a planned full bid pitched at 230 kronor (£16.70) per share.
Representatives of the Dubai exchange are also to meet members of the Swedish government and local regulators this week in an effort to win support for its approach to OMX.
Dubai’s move could have profound repercussions for the London Stock Exchange, with the OMX deal heralding a new wave of global consolidation of bourses. Dubai is thought to have visions of creating a pan-European exchange to include the LSE – which has just bought Borsa Italiana – and OMX. The new combine would rival NYSE/Euronext, created by the joining of the New York exchange and the Paris-based European exchange last year.
Insiders said that the idea of including Nasdaq, the aggressive American market, has also been considered, but Dubai is nervous of a political backlash if it buys in America. Dubai poised to bid £2bn for Nordic bourse (more) By Louise Armitstead
Mark Alexander
