Borse Dubai’s OMX bid approved

Sweden’s financial regulator has cleared Borse Dubai’s take-over bid for the Stockholm-based Nordic and Baltic stock exchange operator OMX.

Borse Dubai and New York’s Nasdaq have made a 5 billion US dollar joint cash bid for OMX.

The regulator, Finansinspektionen, cleared the Nasdaq side of the bid in September.

OMX runs and owns stock exchanges in Sweden, Denmark, Finland, Iceland and the Baltic states, and supplies operating technology to some 60 stock exchanges worldwide.

Under the terms of the complex deal, Borse Dubai is to secure a 20 percent stake in the Nasdaq stock exchange.

Nasdaq will then acquire all of Borse Dubai’s OMX shares, and take a strategic stake in the Dubai International Financial Exchange, which is set to be rebranded with the Nasdaq name and licensed to use Nasdaq and OMX market technology.

Borse Dubai will also acquire 28 percent of the London Stock Exchange from Nasdaq.

OMX says the public offer for the exchange is due to be launched in the new year.