Qatar State Fund Buys 20% of London Stock Exchange - by Wil Mcsheehy
Qatar bought 20 percent of London Stock Exchange Group Plc in a deal worth about 85 million euro (us $1.2 billion) on the same day neighboring Dubai agreed to acquire a stake in the U.K. bourse from Nasdaq Stock Market Inc. Qatar's sovereign wealth fund, the Qatar Investment Authority said, bought the LSE stake as part of a plan to ``build long-term investments in high quality businesses'' and doesn't plan to make a takeover bid, it said in a statement today. Still, the fund ``reserves its position in the event that a third party announces a firm intention to make an offer.'' Dubai, which is vying with Qatar and Bahrain to become the Persian Gulf's financial hub, today said state-run Borse Dubai agreed to a deal with Nasdaq in which the emirate will get 19.99 percent of the exchange and a 28 percent LSE holding in return for allowing Nasdaq to take control of Nordic exchange operator OMX AB.
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