No knuckle rap for Borse Dubai
TT/The Local - [email protected]
Published: 23 Aug, 2007 CET.
Updated: Thu 23 Aug 2007 08:42 CET
The Swedish Financial Supervisory Authority (Finansinspektionen - FI) has ruled that a press release from Borse Dubai's dated August 9th in fact constituted a public takeover bid.
According to FI, "when Borse Dubai made the press release public it had not undertaken to follow the rules that Nordic Exchange Stockholm has stipulated for such offers."
But since the company later took steps to rectify the situation in compliance with Swedish laws, FI has elected not to take disciplinary action.
On August 16th Borse Dubai agreed to abide by the regulations. The follwoing day the company released a new statement announcing its takeover bid.
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According to FI, "when Borse Dubai made the press release public it had not undertaken to follow the rules that Nordic Exchange Stockholm has stipulated for such offers."
But since the company later took steps to rectify the situation in compliance with Swedish laws, FI has elected not to take disciplinary action.
On August 16th Borse Dubai agreed to abide by the regulations. The follwoing day the company released a new statement announcing its takeover bid.
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