Nasdaq (NDAQ Quote) reached a deal with Borse Dubai that will give Nasdaq control of the OMX stock exchange while giving the Dubai stock exchange a 20% stake in Nasdaq.
Under the deal, Nasdaq sold its 28% stake in the London Stock Exchange to Borse Dubai as well. Nasdaq said the moves "will provide us with a footprint unlike any other exchange."
Meanwhile, Qatar's state investment fund bought a 20% stake in the LSE, possibly presaging a struggle for control of that exchange with the Dubai exchange. Qatar said it wouldn't make a full bid for the LSE but reserves its right to do so.
The Wall Street Journal reported that traders were saying Qatar was also buying up shares of the OMX, setting the stage for a possible face-off there as well. ...
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