Nasdaq OMX is unlikely to be too concerned by losing its stake in Nasdaq Dubai, a senior exchange analyst has told FOW.
On December 22 Nasdaq OMX announced it
would transfer its 33.3% stake in the budding exchange to Dubai
Financial Market, in return for a 1% stake in DFM.
Bernardo Mariano, a partner at the Equity
Research Desk, a New York analytics firm, argues that Nasdaq
had only ever valued its deal with Borse Dubai, the
exchange’s holding company, as a strategic
alliance, rather than as a profit-making venture.
"At the time, it was important for
Nasdaq," Mariano said. "The most important factor they got out
of the deal was not to get dragged into a price war over OMX
with Borse Dubai. Look at what they paid. That was the
strategic arrangement for them, so I don’t think
they’ll be too worried. They will have agreed to
Nasdaq OMX’s new 1% stake in
DFM is valued at around $39m and entitles it to keep one seat
on Nasdaq Dubai’s board.
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