Surprise, surprise. Another bidding battle for OMX looked likely on Tuesday after the Qatar Investment Authority applied for permission to lift its 9.98 per cent stake in the Nordic market operator, reports the FT on Wednesday.Swedish rules state that any holding above 10 per cent in OMX must be approved by the Financial Supervisory Authority as the exchange is regarded as a strategic industry and big owners must be “fit and proper”.
QIA’s request for permission to surpass the 10 per cent threshold is a sign it is considering a full bid, but the fund had not yet decided to go down that path, according to a person close to the QIA .
Qatar’s sovereign wealth fund stated in its application to the FSA on Tuesday that it wanted to “acquire further shares in OMX, which can lead to a stake of 100 per cent of the shares in OMX”.
The gas-rich Gulf state might decide merely to build its stake beyond 10 per cent, while allowing Nasdaq and neighbouring Dubai to take control of OMX, the person said.
The FSA will now begin a probe into QIA’s application, a process that can take up to 60 days.
OMX is the subject of a $4.9bn takeover offer from Nasdaq, the US market operator, and Borse Dubai that is backed by OMX’s top shareholders and management.
Nasdaq has been approved by the FSA as an owner of OMX. The Nasdaq-Borse Dubai offer emerged only after a bitter fight ending in a rapprochement.
The former rivals agreed that Borse Dubai would acquire OMX and transfer it to Nasdaq in return for a 19.9 per cent stake in a new combined company as well as Nasdaq’s 28 per cent stake in the London Stock Exchange.
OMX shares rose in anticipation of a QIA bid. OMX shareholders have agreed to the combined Nasdaq-Borse Dubai offer but they can be released from their agreement if a counter-offer for SKr303 or more is made.