The US-based Nasdaq and the state-owned Dubai stock exchange have struck a complex deal which puts an end to a tussle over who buys the Scandinavian markets owner and operator OMX.
The President and Chief Executive of Nasdaq, Bob Greifeld says they're creating a global financial marketplace. "It's great for Nasdaq because we then become the centre of financial services. We'll have a great pool of liquidity in the north American market, we'll be a very strong player in Europe and we'll be the leader in the emerging market place," he said.
The US president George Bush says there will be a national security review into the deal, in which Borse Dubai gets 20 per cent of Nasdaq, making it the biggest single shareholder in the American exchange.
Dubai will also take over Nasdaq's 28 per cent holding in the London Stock Exchange. The deal provoked a swift response from Dubai's rival, the Qatar Investment Authority, which immediately scooped up 20 per cent of the London Stock Exchange, though it is not clear where those shares came from.
QIA also urged shareholders in OMX not to take any action on any proposed takeover. One source claimed the Qataris were also buying into OMX.
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