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Borse Dubai responds to FSA questions regarding OMX bid
DUBAI — Borse Dubai has responded to the second group of questions requested by the Sweden's Financial Supervisory Authority (FSA) last week regarding its $4 billion bid for OMX AB, the Scandinavian and Baltic stock exchange, to determine whether it had broken Swedish law.
"We have filed the reply and the next move is with the FSA," said Bo Albertsson, the Borse Dubai spokesperson in Stockholm. There is no indication as to when the FSA will respond, he said, speaking to Khaleej Times.
The FSA sent questions to Borse Dubai demanding details of the options contracts it used to build up its stake in the Swedish exchange and to determine whether an early Press release constituted a takeover bid. Borse Dubai was given a deadline of Monday morning.
Borse Dubai's offer is being met with opposition from OMX management and from its rival bidder, Nasdaq. Its all-cash offer for the exchange, at 230 kronor per share, is being viewed as "hostile" by OMX AB, according to the newspaper Dagens Nyheter, citing chairman Urban Baeckstroem. The failure by Borse Dubai to contact the OMX the day before making the announcement is seen as a major slight. The newspaper quoted Baeckstroem as saying: "It is obvious the Dubai stock exchange doesn't care what the OMX board's opinion is, and therefore the bid must be considered hostile." Baeckstroem said he had read about the bid on the web.
He also said that Borse Dubai's all-cash bid was not more attractive than Nasdaq's share-and-cash bid.
He believed that the industrial synergies from the Nasdaq offer were higher than those to be had from Borse Dubai. Nasdaq made a $3.6 billion for OMX in May.
Although OMX has not yet decided which offer to back, Investor, one on OMX's largest shareholder with a 10.7 per cent stake, and one of the most influential, rejected the Nasdaq bid. But it has also said that Borse Dubai's cash bid "is not sufficiently attractive".
Meanwhile, Per Larsson, Borse Dubai's CEO who is also a former CEO of OMX, has reinforced the benefits of an OMX-Borse Dubai deal, telling Reuters news agency that it would look to expand OMX organically and through acquisitions. The combination of OMX and Borse Dubai would form the fifth largest exchange group in the world.
A statement last week from Borse Dubai, said that such a combination would manage "pan-European initiatives, the exchanges in the Baltic countries and growth market activities in Central and Eastern Europe, MENA, Central and South Asia. The combined group will leverage the OMX brand to create a global platform to facilitate an expansion of capital markets infrastructure, products and services as part of the international strategy."
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