Economic crimes bureau eyes OMX bid

The National Economic Crimes Bureau (Ekobrottsmyndigheten - EBM) is considering launching an investigation into trading in OMX shares in connection with Borse Dubai's bid for the Nordic exchange operator.

EBM said it will decide at the beginning of next week what action to take but would not reveal what lay behind its suspicions.

“Certain circumstances have come to my attention and I will make a decision on whether or not to begin a preliminary investigation,” EBM’s Robert Engstedt told news agency TT.

The holding company Borse Dubai – which owns both stock markets in Dubai – announced on August 9th that it had secured control of 25 percent of the shares in OMX.

The Swedish Financial Supervisory Authority (Finansinspektionen – FI) ruled that the press release from Borse Dubai dated August 9th constituted a public takeover bid and was in breach of Swedish law.

Since the company later took steps to rectify the situation, FI elected not to take disciplinary action. On August 17th Borse Dubai made a public bid for OMX worth 230 kronor per share.

The board of OMX has now written to Borse Dubai with a list of questions surrounding the finer points of its bid.

The Dubai move topped an earlier offer from Nasdaq, whose bid is currently worth around 205 kronor per share.