Sweden’s financial regulator is expected to issue a crucial ruling as early as Wednesday on whether Borse Dubai broke the law when it acquired a large stake in OMX ahead of launching a takeover bid, Financial Times reports.
A negative ruling by the Financial Supervisory Authority would put Borse Dubai under pressure to withdraw from the battle to control OMX and could hand victory to Nasdaq.
If the FSA decides it did make a bid, Borse Dubai will be forced to file a formal offer document much sooner within four weeks from August 9. If it fails to file within the deadline, the FSA can fine it up to SKr100m ($14.4 million).
But the key aspect of the FSA ruling is that it will influence any future investigation by the regulator into whether Borse Dubai is a fit and proper owner of OMX.