The Nasdaq Stock Market Inc. said late Wednesday that it supports the London Stock Exchange’s plans to acquire Italian rival Borsa Italiana SpA, MarketWatch reports.
Nasdaq, which owns roughly 30 percent of the LSE, says it plans to vote in favor of several resolutions at the LSE’s extraordinary general meeting on Aug. 8. If those resolutions pass, the LSE will get the go-ahead to complete its purchase of the Italian stock exchange.
“After evaluating the transaction, and meeting with the senior management of both the LSE and Borsa Italiana, The Board and management of NASDAQ concluded that it is an appropriate transaction for the LSE,” says the U.S. stock exchange operator in a statement.
The LSE has repeatedly said it’s confident of getting the 50 percent shareholder approval needed to proceed with the Italian deal. But Nasdaq, the LSE’s largest shareholder, had remained tight-lipped on its voting intentions, casting at least some doubt on the transaction.