Nasdaq signalled an end to its ambitions to take over the London Stock Exchange yesterday in a move widely seen as a precursor to a raised bid for OMX, the Nordic exchange that it is vying for with Dubai, The Times reports.
The American exchange, which failed to buy the LSE in March after a bitter takeover battle, said that it would sell its 31 per cent stake and use the £800m proceeds to buy back debt and shares. The move comes amid a wave of consolidation as exchange operators face increased competition, particularly in Europe, and follows Nasdaq’s agreed $3.7bn (£1.9bn) bid for OMX in May. Nasdaq hopes that the share buyback will raise its share price and bolster its part-share bid for OMX in the face of a higher $4bn cash offer for the Nordic exchange from Borse Dubai. MORTGAGE LENDING SOARED to a re...
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