New York exchange Nasdaq has agreed a $3.7bn (€2.75bn) offer for Swedish bourse OMX after failing in a hostile bid for the London Stock Exchange earlier this year.

New York’s Nasdaq today looked set to retain its stake in the London Stock Exchange, despite the crushing defeat for its £2.7bn (€4bn) takeover offer.

The US stock exchange was due to complete its hostile bid for its London rival today if it is to be successful.

Nasdaq’s hostile bid battle for the London Stock Exchange was in its final stages today as the deadline neared for acceptances to its £2.7bn (€4bn) offer.

Nasdaq could hold on to its stake in the London Stock Exchange (LSE) for a year and a half if its hostile bid fails next week, despite earlier threats to shed its holding, it was disclosed today.