Sweden's Financial Supervisory Authority Slams Borse Dubai

Dubai’s effort to break up the agreed takeover of Swedish stock exchange operator OMX Group (OMX.ST) by NASDAQ (NDAQ) suffered a severe blow Aug. 23. Sweden’s Financial Supervisory Authority ruled that Borse Dubai, a government-owned holding company, “breached the law” when it issued a press release Aug. 9 announcing that it was in the process of buying OMX shares.

The regulator says the press release amounted to a takeover offer and that Borse Dubai, which was advised by HSBC (HBC), should have informed the Swedish authorities that it was making such a move. The regulator decided against taking any punitive action.

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