21 March 2018
visit www.nextgenbanking.co.uk

Dubai group mulling counter bid for OMX - reports

29 May 2007  |  5688 views  |  0 OMX

The Dubai International Financial Centre (DIFC)- owner of the Dubai Stock Exchange - is considering making a rival bid to Nasdaq's $3.7 billion offer for Nordic and Baltic market operator OMX, according to press reports.

OMX stock rose 8.3% yesterday to SKr216 in Stockholm - higher than Nasdaq's bid of SKr208.1 per share - following a weekend report by The Sunday Times saying that the government-owned DIFC had appointed HSBC to advise on a potential counterbid for the European market operator. The Financial Times also ran with a story stating that DIFC is considering a counter-bid for OMX and is in talks with its bankers at HSBC about a potential offer.

The new speculation follows the disclosure of Nasdaq's $7.6bn cash and stock bid for OMX on Friday. The two exchanges said the combination would create "the largest global network of exchanges and exchange customers linked by technology".

According to the Sunday Times report, DIFC's planned bid for OMX signals its ambitions to raise Dubai's profile in international financial markets. Last year it built up a 3.5% stake in Euronext, the pan-European exchange operator now owned by the New York Stock Exchange (Nyse).

Furthermore, the fact that Per Larsson, former president of OM Group, is now the CEO of the Dubai International Financial Exchange (DIFX), has added fuel to the fire.

Both OMX and DIFC have refused to comment on the speculation.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nasdaq bids for OMX

Nasdaq bids for OMX

25 May 2007  |  8986 views  |  0 comments
OMX suspends shares amid frenzied bid talk

OMX suspends shares amid frenzied bid talk

24 May 2007  |  4420 views  |  0 comments
OMX confirms merger talks

OMX confirms merger talks

12 April 2007  |  8057 views  |  0 comments
DIFX names Per Larsson chief executive

DIFX names Per Larsson chief executive

27 March 2006  |  15293 views  |  0 comments
Larsson steps down as OM and HEX agree merger

Larsson steps down as OM and HEX agree merger

20 May 2003  |  5562 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
www.currencycloud.comRegister your place todayVisit www.facebook.com/business/

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin at 50,000 USD?
12467 views 0 | 5 tweets | 4 linkedin
Can banks be a threat to Big Tech?Can banks be a threat to Big Tech?
10487 views comments | 29 tweets | 39 linkedin
Indian fintech sector needs regulatory support to flourishIndian fintech sector needs regulatory sup...
10059 views comments | 10 tweets | 8 linkedin
BBVA tests 'invisible payments' technology at inhouse cafeBBVA tests 'invisible payments' technology...
9516 views comments | 13 tweets | 31 linkedin
RBS hatches plan to create digital challenger bankRBS hatches plan to create digital challen...
9329 views comments | 12 tweets | 22 linkedin

Featured job

Six-Figure-Base, Double OTE, Benefits Package
London, UK

Find your next job