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Nasdaq buys more LSE shares


Nasdaq buys more LSE shares


New York’s Nasdaq Stock Market has again increased its stake in the London Stock Exchange.

It has bought a further 10.3 million shares, bringing its stake to 22.7%. Just a week ago it had raised its holding from 15% to 18.7%.

With this move the Nasdaq has strengthened its hand against potential rival bidders such as the New York Stock Exchange.

The NYSE remains the giant of the share trading world. In capitalisation terms it is worth 11,000 billion euros. The Nasdaq’s value is 3,000 billion and London is 2,600 billion euros.

In March, the Nasdaq withdrew a proposed 3.5 billion euro bid for the LSE after the exchange rejected its approach as too low.

Under UK rules, shareholders with a stake of more than 30% of a company must make a full takeover bid.

Meanwhile, Europe’s second biggest insurance company AXA said it has bought 10.6% of the shares in the Nasdaq Stock Exchange.

The Paris based firm said that the purchase was “solely for investment purposes.” It now becomes the Nasdaq’s second largest investor.

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