Peter Larsson, head of the Dubai exchange

Dubai Exchange Makes Play for OMX

The Stockhlom-based Baltic and Nordic Stock Exchange, OMX, may be on the verge of being taken over by its countpart in Dubai.

Management from the Dubai exchange, Borse Dubai, will visit Sweden next week for talks on a possible takeover. The bourse is buying just over a quarter of shares, or 27 per cent, in OMX, apparently scuppering a proposed merger with the American exchange Nasdaq.

Despite the approach from Dubai, Nasdaq officials say they are still committed to their offer for 100 per cent of shares of the OMX.

The former chief executive of the OMX, Swede Per Larsson, is the CEO of the state-owned Bourse Dubai.

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