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Dubai stock market owner to bid for OMX: report

LONDON
Sun Jul 15, 2007 12:49pm EDT

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LONDON (Reuters) - The owner of Dubai stock exchange is preparing an offer for Nordic stock market group OMX OMX.ST, rivaling the proposed $3.7 billion merger between OMX and U.S. group Nasdaq (NDAQ.O), Telegraph.co.uk reported on Sunday.

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The Dubai International Financial Centre (DIFC), owner of the Dubai International Financial Exchange, has funding in place to bid up to 250 crowns per OMX share, the website said without citing any sources.

Nasdaq's cash and stock offer was worth $3.7 billion when made in May and valued OMX at 208.1 crowns per share.

Bankers at UBS and Goldman Sachs are understood to have been asked to be on standby to launch a bid for OMX on behalf of the DIFC as early as next week, the website said.

Shares in OMX closed at 210 crowns on Friday.
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