Dubai has cash to expand OMX

by Reuters Monday, 20 August 2007

Borse Dubai has the cash to fund organic expansion and acquisitions by Nordic exchange owner OMX if its $4 billion bid for the firm succeeded, a senior executive said today.

Borse Dubai's cash offer on Friday trumped an agreed $3.7 billion cash and shares deal with US exchange Nasdaq.
"Our intention is to grow OMX internationally, both in Europe and emerging markets," said Soud Ba'alawy, Borse Dubai vice-chairman, quoted UK newspaper the Financial Times. "We have good cash flow for OMX to expand organically and through acquisitions."

Sources familiar with the matter told Reuters last week Nasdaq chief executive Bob Greifeld planned to travel to Sweden early this week to meet management and stakeholders in OMX to plead the US exchange's case.

The Financial Times said Per Larsson, Borse Dubai head and former OMX chief executive, would also be in Stockholm this week to meet shareholders.

Borse Dubai said last week it controlled 28.4% in OMX if its options in OMX shares were exercised.

OMX said it was studying Borse Dubai's bid and would come back to shareholders shortly.



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