Nasdaq £7bn bid for rival - Analysis & Features - Business - Evening Standard
       

Nasdaq £7bn bid for rival

NASDAQ OMX and the IntercontinentalExchange (ICE) today tried to smash up the agreed merger between NYSE Euronext and the Deutsche Börse with an $11.3 billion (£7.06 billion) rival bid for its Euro-American rival.

In the latest takeover development for the operators of world stock exchanges, where deals have been rife as players seek scale, Nasdaq and the ICE made public a $42.50-a-share offer for the New York exchange that bought Euronext in 2006.

Nasdaq made several efforts a few years ago to acquire the London Stock Exchange, but was rebuffed. Its latest move was seen as a bold effort by chief executive Robert Greifeld to increase the power of both himself and Nasdaq.

"Our industry is undergoing a period of historic change," he said in a statement.

The rival bid comes after NYSE Euronext agreed in February to be bought by the German company for $10 billion in a deal that would create the world's largest exchange for stocks and derivatives.

Under the Nasdaq proposal, the two exchanges would spilt NYSE Euronext's businesses, with Atlanta-based ICE taking the derivatives arm. Nasdaq would take over the stock exchanges, including the New York Stock Exchange and markets in Europe.

The combination would create "a leading international exchange" with operations in 16 countries and technology that is used in more than 60 markets internationally, said Nasdaq. The new exchange would be based in New York.

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