Gold9472
01-02-2008, 08:21 AM
Nasdaq-Dubai Deal Gets U.S. Security Clearance
http://www.reuters.com/article/bankingFinancial/idUSN3157689420071231
Mon Dec 31, 2007 6:01pm EST
WARWICK, Bermuda (Reuters) - The U.S. government has cleared a deal that will give Dubai's state-owned stock exchange a stake in Nasdaq (NDAQ.O: Quote, Profile, Research), the U.S. stock exchange said on Monday.
Nasdaq, which first made the announcement on Friday and then withdrew the notice saying it had been issued in error, said the federal approval allows it and Borse Dubai Ltd to proceed with a deal reached earlier this year.
Under the pact, Dubai gets Nasdaq's stake in the London Stock Exchange Group (LSE.L: Quote, Profile, Research) and a 19.9 percent stake in the U.S. exchange, although its voting stake will be limited to 5 percent.
It will also allow Nasdaq, the second-largest U.S. equities exchange, to proceed with its plan to merge with Stockholm-based OMX (OMX.ST: Quote, Profile, Research). After Nasdaq closes the deal, it plans to change its name to Nasdaq OMX Group Inc.
Under the agreement, Borse Dubai will make an offer of 625 Swedish crowns per share for all outstanding shares of OMX. It will then sell the OMX shares to Nasdaq in exchange for newly-issued Nasdaq shares and cash.
Nasdaq will also make an investment in Dubai International Financial Exchange.
Nasdaq shares were up 34 cents at $49.46 on Monday afternoon.
http://www.reuters.com/article/bankingFinancial/idUSN3157689420071231
Mon Dec 31, 2007 6:01pm EST
WARWICK, Bermuda (Reuters) - The U.S. government has cleared a deal that will give Dubai's state-owned stock exchange a stake in Nasdaq (NDAQ.O: Quote, Profile, Research), the U.S. stock exchange said on Monday.
Nasdaq, which first made the announcement on Friday and then withdrew the notice saying it had been issued in error, said the federal approval allows it and Borse Dubai Ltd to proceed with a deal reached earlier this year.
Under the pact, Dubai gets Nasdaq's stake in the London Stock Exchange Group (LSE.L: Quote, Profile, Research) and a 19.9 percent stake in the U.S. exchange, although its voting stake will be limited to 5 percent.
It will also allow Nasdaq, the second-largest U.S. equities exchange, to proceed with its plan to merge with Stockholm-based OMX (OMX.ST: Quote, Profile, Research). After Nasdaq closes the deal, it plans to change its name to Nasdaq OMX Group Inc.
Under the agreement, Borse Dubai will make an offer of 625 Swedish crowns per share for all outstanding shares of OMX. It will then sell the OMX shares to Nasdaq in exchange for newly-issued Nasdaq shares and cash.
Nasdaq will also make an investment in Dubai International Financial Exchange.
Nasdaq shares were up 34 cents at $49.46 on Monday afternoon.