The merger deals continue to roll along. Today we learn the Viacom (VIA-B) beat out GE (GE) for DreamWorks. According to the New York Times, the deal was high drama up to the last minute.

Also, ConocoPhillips (COP) is going after Burlington Resources (BR) for $30 billion. Plus, Electronic Arts (ERTS) is going to buy Jamdat Mobile (JMDT).

But despite those headline deals, the most fascinating one is the verbal/bidding war for the London Stock Exchange. In the U.S., the exchanges have seen their stocks soar. Now there’s a bidder for the venerable LSE. The London Stock Exchange has roots that date back over 400 years. The problem is that the bidder ain’t British but a slovenly colonist, the Australian investment bank Macquarie. This has the Brits rather upset.

Last week, Macquarie bid 580 pence for the exchange. The LSE call the offer “derisory.” Yes, even the British insults sound classy. Just once, wouldn’t you love to hear an American company say that about an offer?

The Aussies have hit back and said that they’re really not that interested in a “boring utility.” Yep, it’s getting ugly. Now Macquarie is being totally silent, which in Australian is very suspicious. Meanwhile, London is abuzz and a formal offer is expected soon. Personally, I hope they don't find it opprobrious.