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Warsaw Stock Exchange confirms interest in Tel Aviv bourse

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Warsaw Stock Exchange confirms interest in Tel Aviv bourse

The Warsaw stock exchange, or Gielda Papierów Wartosciowych w Warszawie SA, submitted a nonbinding offer with Polish development fund PFR to acquire a 71.7% stake in Tel - Aviv Stock Exchange Ltd., it said March 6.

The offer was submitted Feb. 28, the Polish exchange said, adding that the bid is preliminary and does not oblige any of the parties to launch negotiations.

"If the offer is accepted by TASE, then GPW, PFR and TASE may, in the next stage, enter into further talks and negotiations," it said.

The Warsaw Stock Exchange is one of over 10 foreign stock exchanges that have showed interest in acquiring a majority stake in the Israeli bourse, Reuters reported at the beginning of March. Tel Aviv Stock Exchange CEO Ittai Ben-Zeev reportedly said in February that a deal with a potential buyer could be reached by mid-April.