Gov'ts in talks to swap their shares in the LSE and Nordic exchange OMX, report says.
The Qatar Investment Authority (QIA) is talking to the Dubai government to end their bid battle over the London Stock Exchange (LSE) by exchanging their shares in the LSE and Nordic exchange group OMX.
The Qataris intend to exchange their 10% stake in OMX for a 14% stake in the LSE owned by state-owned Borse Dubai, UK weekly the Sunday Times said in an unsourced report.
The move comes as Borse Dubai, along with its bid partner Nasdaq Stock Market, sweetened their offer for OMX to $4.9 billion last month and seeks to boost their stake in the Scandinavian exchange after the Qatari investor started buying OMX shares.
Qatar Investment, which also bought a 20% stake in the LSE in September, said then its purchases in both exchanges were strategic and it did not plan to make an offer for the London bourse.
Qatar and Borse Dubai were not immediately reachable for comment.