UAE stock exchange merger talks 'advanced'
Dubai, June 29, 2010
Merger talks between the United Arab Emirates' two main bourses have reached an advanced stage, including a Dh9.5 billion ($2.59 billion) evaluation of the Dubai Financial Market (DFM), a local newspaper said on Tuesday.
The business daily Arroya Aleqtissadiya said the DFM and the Abu Dhabi Securities Exchange (ADX) had agreed on an organisational structure for the new entity, which is set to be called the Emirates Financial Market.
Citing informed sources, the paper said the negotiations still had to finalise the evaluation of DFM but a figure of Dh9.5 billion had been specified in talks.
A DFM spokesman declined to comment on the report.-Reuters