After 2 attempts in trying to acquire the London Stock Exchange, Nasdaq has given up.

On Monday the Nasdaq Stock Market Inc. announced that they will abandon their efforts in acquiring the London Stock Exchange, and will sell its 31% in the U.K. market so that they can focus on their takeover battle for Sweden’s OMX AB.

Nasdaq is the second largest U.S. stock exchange and has made 2 attempts in buying the London Stock Exchange, but each time Nasdaq has been rejected by the shareholderse. Chief executive of Nasdaq Robert Greifeld said they will use the money from the 31% to unlock billions of dollars. He announced that at least $1 billion will be used to buy back the debt accumulated and buy back shares, and that a big portion will be used in the Nasdaq’s takeover battle with Borse Dubai in acquiring Stockholm based OMX.

The sale of the London Stock Exchange shares won’t go to a single bidder or a group of bidders Nasdaq said. The London Stock Exchange has attracted interest from people all over the globe including bids from Deutsche Bourse AG and OMX.

Nasdaq had offered $5.3 billion in March and has since become a buyer itself. They have currently picked up Borsa Italiana SpA for $2.19 billion. Nasdaq said that by selling their London Stock Exchange stake will increase stand alone earnings per share for 2008 by about 30-35 cents. More money for everyone!

[via MSNBC]

Tags: Business, Nasdaq, LSE, London Stock Exchange, NYSE, New York Stock Exchange

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