Just In: Borse Dubai approved for OMX bid

The New York Times reports that Borse Dubai has been given the approval in a joint bid to own OMX, the Nordic stock market operator.

The New York Times reports that Borse Dubai has been given the approval in a joint bid to own OMX, the Nordic stock market operator. On October 9, PRWeek reported on Levick Communications providing strategic communications services to Borse Dubai to help the stock market organization purchase a stake in the NASDAQ and other global stock exchanges.

“Sweden's financial regulator has given Gulf-based Borse Dubai approval to own OMX, the Nordic stock market operator, bringing Nasdaq's joint $4.9 billion bid to acquire OMX with Borse Dubai a significant step closer. The Financial Supervisory Authority said Borse Dubai would make a “fit and proper” owner of OMX - approval that is required by law if ownership of any Swedish industry considered strategic surpasses 10 percent. Nasdaq has already been approved. The joint bid for OMX is part of a complex arrangement announced by Nasdaq and Borse Dubai in September. The deal gives Dubai a stake of 20 percent to 30 percent in Nasdaq, the largest electronic stock market in America, and about 30 percent in the London Stock Exchange, part of stake previously held by Nasdaq.”

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