Iceland Stock Exchange and OMX break off merger talks
25 November 2005 | 2233 views | 0
Source: Iceland Stock Exchange
Iceland Stock Exchange announced today that it will not initiate merger discussions with OMX Exchanges, on the grounds that for the time being there are stronger arguments for maintaining current policy.
Since May ICEX Board of Directors has been evaluating and discussing the matter thoroughly. After a careful assessment of the advantages and disadvantages of a merger, the Board reached an unanimous conclusion. The Board believes that for the time being there are on balance stronger arguments for proceeding with current policy and operations.
The CEO and President of ICEX Mr Thordur Fridjonsson, stated that ICEX had been both careful and focused in the evaluation process and had amongst other sought the professional analysis of an outside and independent party, Boston Consulting Group.
Mr Fridjonsson emphasised, however, that ICEX will remain committed to the Nordic co-operation (NOREX Alliance). He added that there are favourable conditions for ICEX to grow, but if circumstances change, ICEX's position will be re-evaluated.