The Nasdaq (NDAQ) may try to block the London Stock Exchange’s bid to buy Italian stock exchange Borsa Italiana according to the London Observer. It also may wait to see if NYSE Euronext (NYX) makes a competiting bid for the Italian operation. It made an overture before London closed its deal.
If London becomes larger through a merger, it would make the exchange larger and more difficult to buy.
The Observer also makes the point the London merger plans could give it a chance to get out of its investment in the LSE with a profit. Shareholders have not thought much of Nasdaq’s management and its M&A attempts. Its shares have dropped from $40 last November to their current price of under $30.
Douglas A. McIntyre
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