Deals and IPOs

Temasek Shuns Nasdaq's Stake in LSE: Sources

Reuters
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Singapore's Temasek became the latest investor to lose interest in buying Nasdaq's 31% stake in the London Stock Exchange, sources familiar with the matter said on Thursday.

State-owned Temasek decided not to make an offer for the stake, the sources said, despite U.S. exchange operator Nasdaq's willingness to extend its deadline for bids.

The Singapore investor's move comes after Deutsche Boerse and the foundation controlling Italian bank Banca Monte dei Paschi di Siena said on Wednesday they would not make offers for the LSE stake.

Nasdaq, which aims to sell its LSE stake at a premium to bolster its chances of buying Nordic exchange operator OMX, declined to comment.

Chief Executive Robert Greifeld said on Aug. 20 the company's bankers, UBS and JPMorgan, were in touch with potential buyers of the LSE stake. But no offer had been put on the table, forcing the U.S. exchange to extend its self-imposed deadline last Friday.

State-owned Qatar Investment Authority has shown an interest in the LSE state, according to media reports.

Shares of the LSE, the top cash equity exchange in Europe, were down 0.5% to 1,394.5 pence.

Nasdaq is bidding $3.7 billion in cash and shares to buy OMX, pitting it against a rival $4 billion cash offer from Boerse Dubai.