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Dubai Expects to Close OMX Takeover in Q1-Paper - ASHARQ AL-AWSAT English Archive
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DUBAI(Reuters) – State-owned Borse Dubai expects to conclude a deal to take over Nordic exchange operator OMX by the end of February, Borse Dubai’s chairman was quoted as saying on Monday.

Borse Dubai, a holding company formed in August to promote investment in two Dubai exchanges, agreed with Nasdaq in September to take over OMX with a bid that values the exchange at $4.9 billion.

“We hope the deal will be completed in January or February,” Essa Kazim was quoted as saying by Dubai-based daily Gulf News.

“We are sure the deal is going ahead and we will make sure that it will be completed within the time frame agreed by all parties,” Kazim said.

Under the deal, Borse Dubai will buy 20 percent of Nasdaq, and Nasdaq would take 33 percent of the Dubai International Financial Exchange (DIFX).

Dubai set up the DIFX in 2005 to encourage foreign firms to raise capital in the world’s biggest oil-exporting region.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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