The Dubai bourse said Thursday it plans to buy shares in OMX AB, fueling speculation of a takeover bid to rival one made by the Nasdaq Stock Market and pushing shares in the Nordic stock exchange operator up nearly 6 percent, according to AP. Speculation has run high in recent months that the Dubai bourse was planning a bid to nab OMX, which has agreed to a US$3.67 billion (¤5.05 billion) takeover by the U.S.-based Nasdaq. Borse Dubai Ltd. said in a statement that «it is in the process of purchasing OMX AB ordinary shares at a price of 230 kronor (¤24.9; US$34.4) and entering into options for OMX AB ordinary shares» by way of a book-building process with selected investors. Book-building is the process through which a company's bankers gauge demand among investors by accepting orders at fixed prices. The Dubai bourse added that it is not obliged to make such purchases unless it acquires an interest in at least 25 percent of OMX's shares. OMX officials could not immediately be reached for comment. Shares in OMX gained 5.8 percent to 229.50 kronor (¤24.80; US$34.20) in Stockholm. Nasdaq, which earlier this year lost its bid for the London Stock Exchange, has offered of 208.1 kronor (¤22.70; US$31.28) per share when it launched its offer for OMX in May. Many analysts said the U.S. exchange could use the OMX acquisition to persuade LSE shareholders to agree to a deal creating a giant European exchange. The chief executive of the Dubai International Financial Exchange, Per Larsson, is also the former chief of the Stockholm-based bourse. The exchange is owned by the holding company Bourse Dubai. Larsson left OMX in 2003 after helping the Swedish stock exchange begin its merger process with the exchanges in Finland, Estonia and Latvia. The company had also launched an unsuccessful bid for the London exchange in 2000.
