Nasdaq/OMX: the name of the game

Rejection hasn’t diminished Nasdaq’s ardour for European stock exchanges. Only three months after the London Stock Exchange repelled a hostile bid from its US counterpart and 30% shareholder, Nasdaq has returned to Europe, but this time with a board recommendation. OMX, the Swedish-listed stock exchange and technology group, has agreed to be bought for $3.7bn (SKr25bn). At close to 17 times estimated 2007 ebitda, that looks almost cheap in comparison with the elevated price of recent deals. The...