The agreement isn't a direct purchase agreement. The NASDAQ would pick up a 30% ownership of Dubai International in exchange for a 20% ownership by Dubai International of the NASDAQ.
THanks MN I get it now.
Very complicated ...
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Swedish prosecutor launches probe into OMX share trade
http://www.iht.com/articles/ap/2007/10/09/business/EU-FIN-COM-Sweden-OMX.php
“A Swedish prosecutor on Tuesday launched an investigation into possible insider trading in shares of Nordic bourse operator OMX AB in the days before Nasdaq and Borse Dubai announced a joint takeover effort for the company.
“The investigation will show whether there was any information leakage and whether this information was then used for trading,” said Robert Engstedt, a prosecutor at The Swedish National Econmics Crime Bureau.
On Sept. 20, Nasdaq and Borse Dubai settled their long battle for OMX in a complex deal that would eventually see Nasdaq take over the Stockholm-based company. Their joint bid for OMX has since been raised by 15 percent to
US$4.9 billion, or 265 kronor (€28.96; US$41.13) per share.”
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Dubai is doing massive global investments, attempting
to secure their financial base for the day when their
petroleum resources are eventually exhausted.
What they doing is incredible. The Sheik is
really progressive financially.
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Welcome to Du-Buy?
http://www.time.com/time/magazine/article/0,9171,1668459,00.html
Or, to be more specific, buying it. In September another dizzying array of multibillion-dollar deals became public, notably Dubai’s bid to acquire a 20% stake in NASDAQ, the high-volume New York City-based stock exchange known for its listing of star tech firms including Apple, Cisco Systems, Dell, Microsoft and Yahoo!
Dubai’s move demonstrates the fulsome financial power of a region possessing tidal liquidity—as much as $2 trillion, by some estimates—built up by two years of oil prices topping $60 per bbl.
“Nothing can stop them,” says Hassan Heikal, CEO of EFG-Hermes, the region’s leading investment bank. “These guys have investment managers as good as their counterparts in global institutions.”
The early signs are that Dubai’s NASDAQ deal will not meet the kind of congressional opposition—part security concerns, part xenophobia—that last year forced a Dubai entity, DP World, to sell its control of U.S. port operations.
If the deal goes through, the government-controlled Borse Dubai would get 5% of the voting rights and two seats on NASDAQ’s 16-member board.
Dubai will also get the 28% share that NASDAQ holds in the London Stock Exchange (LSE).
In the past year, Dubai companies have also gambled on a $5 billion investment for a 9.5% share of MGM as well as a piece of MGM’s new CityCenter in Las Vegas, fashioned a $942 million takeover of the retailer Barneys New York and bulldozed a $1 billion deal for John Laing Homes, the second largest privately held builder in the U.S.”
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POC — what’s your take on this? It always stumps
me how the terrorists don’t go after their wealthy
neighbors who are becoming so westernized,
but instead target US.