Qatar 'in £1bn bid for LSE'

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The Qatari Investment Authority (QIA) has approached investment bank UBS, which is handling the sale of US exchange Nasdaq's 31% stake in the LSE after its failed hostile takeover bid earlier this year, the Sunday Times said.

The QIA's reported offer comes as another Qatar-backed investment vehicle, Delta Two, continues talks over a potential £10.6 billion takeover of supermarket giant Sainsbury's.

The Qataris could be willing to pay up to £15 a share for the 31% stake, valuing the whole LSE at nearly £3 billion, and has not ruled out a full bid for the London exchange, the newspaper says.

But the company is also said to be facing rivalry from Temasek, the Singapore-based investment fund, which has also expressed an interest in Nasdaq's LSE stake.

The latest move comes amid a wave of consolidation among global exchanges.

Nasdaq is selling the LSE stake to fight off Dubai-based exchange, Borse Dubai, from muscling in on its 3.7 billion US dollar (£1.85bn) agreed deal to buy Nordic exchange operator OMX.

Borse Dubai, which harbours ambitions of becoming the world's third-biggest exchange, has made a higher 4 billion US dollar (£2bn) offer for OMX.

Nasdaq announced its intention to sell the LSE stake, worth more than £800 million, nearly two weeks ago. The New York bourse failed to win backing from LSE shareholders for its £2.7 billion hostile bid in February.

Nasdaq is expected to announce the sale of its stake before the end of October, as its holding will be reduced to 22% early next month when the LSE issues new shares to finance its £1.1 billion takeover of Italy's Borsa Italiana.