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DIFX turmps OMX bid to $5.3 billion

dubai international financial exchange, KSE,OMX, Borse Dubai
Borse Dubai has secured funding of as much as $5.3 billion to finance its takeover bid for Nordic stock exchange company OMX, a person familiar with the matter said.

The funding is enough to finance an offer of as much as 300 crowns per share for Stockholm-based OMX, about 30 per cent more than the 230 Swedish crowns per share the Gulf stock exchange operator has offered so far, said the person.

HSBC Holdings Plc has been advising the state-owned bourse on its bid.

A Swedish economic crimes unit said on Wednesday it was considering an investigation into Borse Dubai's $4 billion takeover offer for OMX, and would decide within days whether to proceed.

However, any potential criminal investigation into Borse Dubai's trading in OMX shares wouldn't automatically disqualify it as an eventual owner of the Nordic stock exchange operator, Swedish officials said yesterday.

Robert Engstedt, public prosecutor at the Swedish National Economic Crimes Bureau, said he was "looking at the trading" in regards to OMX shares, including "any physical person" involved in the trading.

"We look at whether there's reason to believe that someone with insider information has been trading," Engstedt said.

Borse Dubai expects any Swedish investigation surrounding OMX to focus on trading in stock of the Nordic bourse operator rather than its $4 billion bid, an official said yesterday. "If there is any investigation, it won't be into Borse Dubai; it will be into trading surrounding the bid," said the official.

Impact

The findings could have an impact on the investigation that Sweden's Financial Supervisory Authority, or Finansinspektionen, will undertake as soon as Borse Dubai files an ownership application with the regulator and it will assess whether it would be a suitable owner of OMX.

Gent Jansson, deputy director general of Finansinspektionen, said, "We will assess whether we think there's risk that the owner of a qualified stake risks undermining a sound development of the business. [But] that doesn't mean that any breach of law is disqualifying."

The Financial Markets Adviser's Committee - analysing how a change in ownership would affect OMX's users - will present its findings by September 28. via GulfNews

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