Qatar, Dubai gain control of London Stock Exchange




QATAR has upped its share in London's Stock Exchange to nearly 24 per cent, giving the gulf state and neighbour Dubai a controlling stake of nearly 52 per cent.

Quoting LSE sources, a Qatari newspaper reported the gas-rich Gulf state bought an additional 3 per cent of shares on Friday, a day after it bought a 20 per cent slice of Europe's oldest stock exchange.

The Qatar Investment Authority (QIA), the investment unit of the Qatar government, initially bought a 20.8 per cent stake off two hedge funds.

This would put the QIA's overall share in the LSE at nearly 24 per cent.

The United Arab Emirates' group Borse Dubai meanwhile agreed to buy a 28 per cent LSE holding from Nasdaq, meaning the two now hold nearly 52 per cent of the stock exchange.

The US-based Nasdaq, which was the LSE's biggest shareholder with a 31 per cent holding, said last month that it wanted to sell up after a failed hostile takeover attempt.

(source)