|
|
Article: Nasdaq to Sell LSE Stake
- Article from:
- AP Online
- Article date:
- August 20, 2007
CopyrightCopyright 2007 Associated Press/AP Online. This material is published under license from the publisher through YellowBrix, Alexandria, Virginia. All inquiries regarding rights should be directed to YellowBrix. (Hide copyright information)
|
LONDON - The Nasdaq Stock Market, facing a challenge to its bid for a Nordic exchange, said Monday it will offload its 31 percent stake in the London Stock Exchange.
Nasdaq shares jumped 6 percent, or $1.92, to $33.67 at the open of trading.
Nasdaq, which built up its ownership in the LSE during an acrimonious takeover attempt earlier this year, said the stock price does not adequately reflect the value of its stake in the LSE.
The LSE fended off Nasdaq's $5.3 billion offer in March and has since become a buyer itself, picking up Borsa Italiana SpA for 1.63 billion euros ($2.19 billion).
Nasdaq said it estimated that selling its LSE stake would increase stand-alone earnings per share ...