Shareholders in Nordic exchange group OMX have accepted Borse Dubai’s offer to buy 68.6% of OMX, bringing its total ownership to 97.6%. This in turn will allow Borse Dubai to sell OMX to US stock exchange group Nasdaq, which will form the Nasdaq OMX Group. As a result of the approval, Nasdaq says it expects the transaction to close on 27 February 2008.
"This is the final milestone of the transaction,” says Bob Greifeld, Nasdaq’s president and CEO. “Borse Dubai's successful tender for OMX shares paves the way for Nasdaq to create the world’s largest exchange company that will set the standard for global electronic trading and public company services, and provide the premier infrastructure for financial markets around the world.”
Nasdaq first revealed its plans to buy OMX through Borse Dubai back in September 2007. In return for the OMX shares, Borse Dubai will receive a 19.9% stake in Nasdaq, a 28% stake in the London Stock Exchange ad and SKr11.4 billion ($1.8 billion) in cash if it successfully acquires all the shares in OMX. Nasdaq has also agreed to take a stake in the Dubai International Financial Exchange.