OMX faces probe over resistance to Borse Dubai

The Swedish financial service regulator said Tuesday it would investigate suspected illegal moves by Nordic market operator OMX to defend itself against a hostile takeover bid by Borse Dubai.

“We have started an investigation yesterday in order to see if illegal measures have been taken (by OMX),” said a spokesman for the Finansinspektionen (Fi) authority. “We sent to OMX a list of questions.”

Borse Dubai is competing with US market operator Nasdaq to buy OMX, which operates markets in Copenhagen, Stockholm, Helsinki, Reykjavik, Riga, Tallinn and Vilnius.

Borse Dubai has offered 3.97 billion dollars (2.94 billion euros) for OMX, 13.7 percent higher than a rival bid by US market operator Nasdaq that has the backing of OMX management.

The Swedish market regulator FSA found that the Dubai-based operator had broken the law during the launch of its takeover bid for OMX, but said the company would escape punishment because it subsequently rectified its mistake.