Friday, December 21, 2007

Sweden's OMX buys parts of Norway's Nord Pool for US$412 million

From the International Herald Tribune:

Nordic stock exchange operator OMX AB, subject of a takeover deal by Nasdaq Stock Market Inc. and Borse Dubai, said Friday it is buying parts of Norwegian power derivatives exchange Nord Pool ASA for about 2.3 billion kroner (€287 million; US$412 million).

Under the deal, OMX will buy Nord Pool's clearing and consulting operations as well as its international derivatives products.

It will also establish a business unit for international energy derivatives.

The deal "creates a foundation for a geographical expansion within Nord Pool's core area of power, and for enhancing the existing offering, with a clear ambition to build a leading European market for CO2 products," OMX said.

OMX Chief Executive Magnus Bocker said the combination would be well-positioned "to benefit from the development of a global market for carbon dioxide emissions allowances in the wake of the Kyoto protocol."...MORE