Gulf groups vie for control of OMX

18 November 2007
The Swedish financial regulator will make a decision in early December on Qatar Investment Authority’s application to buy part of the Nordic stock exchange operator OMX.

It follows the Financial Supervisory Authority’s approval of Borse Dubai’s bid to buy OMX in early November.
The two Gulf-based groups have been vying for control of the Nordic operator for several months.
The Borse Dubai bid, worth about $4.9bn, is part of a wider deal with the US’s Nasdaq. The acquisition should be complete by the end of January, according to a source close to the transaction.
Borse Dubai already owns 4.9 per cent of OMX, which runs seven markets across Northern Europe. It has yet to obtain formal approval from OMX’s shareholders for the deal. However, it has already secured options and undertakings from major shareholders that would give it 48 per cent of shares in the bourse.

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