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Dubai Debt May Be Higher Than $80 Billion, UBS Says (Update1)
http://www.nytimes.com/2007/09/20/bu...hange-web.html
Published: September 20, 2007
"Borse Dubai agreed today to take a stake in the Nasdaq stock exchange and become the first government-controlled stock exchange of the Middle East to hold a significant stake in an American rival, a step that may stir political controversy in Washington.
In a complex four-way deal, Borse Dubai plans to take a 19.9 percent stake in Nasdaq and buy Nasdaq?s 28 percent stake in the London Stock Exchange. Dubai will in turn let Nasdaq buy OMX, the Stockholm-based stock exchange operator, over which the two have been locked in a six-week bidding war. In a separate statement, Qatar, which competes with Dubai as a financial center in the region, said it bought 20 percent of the London exchange but does not currently intend to make an offer.
The agreement allows Borse Dubai, the fastest-growing financial center in the Persian Gulf, to gain access to expertise for its one-month-old enterprise and help it develop into a capital market center in the developing world. For Nasdaq?s chief executive, Robert Greifeld, the deal means he can finally fulfill his goal of creating a more global stock exchange after he failed to combine with the London exchange in the past while the rival NYSE Group successfully merged with Euronext...."
Published: September 20, 2007
"Borse Dubai agreed today to take a stake in the Nasdaq stock exchange and become the first government-controlled stock exchange of the Middle East to hold a significant stake in an American rival, a step that may stir political controversy in Washington.
In a complex four-way deal, Borse Dubai plans to take a 19.9 percent stake in Nasdaq and buy Nasdaq?s 28 percent stake in the London Stock Exchange. Dubai will in turn let Nasdaq buy OMX, the Stockholm-based stock exchange operator, over which the two have been locked in a six-week bidding war. In a separate statement, Qatar, which competes with Dubai as a financial center in the region, said it bought 20 percent of the London exchange but does not currently intend to make an offer.
The agreement allows Borse Dubai, the fastest-growing financial center in the Persian Gulf, to gain access to expertise for its one-month-old enterprise and help it develop into a capital market center in the developing world. For Nasdaq?s chief executive, Robert Greifeld, the deal means he can finally fulfill his goal of creating a more global stock exchange after he failed to combine with the London exchange in the past while the rival NYSE Group successfully merged with Euronext...."
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