Hong Kong exchange makes £29.6bn bid for London Stock Exchange

Hong Kong exchange makes £29.6bn bid for London Stock Exchange

Hong Kong Exchanges and Clearing has launched a £29.6 billion proposed takeover bid for the London Stock Exchange Group.

HKEX said in a statement on September 11 that it has made an offer worth 8,361 pence a share to combine the two companies.

At 1205 BST, LSE shares had come off their highs, up 3.9% at 7,068p, having surged to as much as 7,922p when the news first came out, as analysts questioned the likelihood of a deal being done. Reuters news agency is a unit of Thomson Reuters.

A further announcement will be forthcoming, but the London exchange operator insists that it "remains committed to and continues to make good progress on its proposed acquisition of Refinitiv".

The London exchange failed in its most recent bid to join forces with the Deutsche Boerse while the Hong Kong exchange acquired the London Metal Exchange in 2012 for £1.4 billion. HKEX's proposed move could fall at the same hurdle, said Ronald Wan, chief executive at Partners Capital International Ltd in Hong Kong.

The name of Hong Kong Exchanges and Clearing Limited is displayed at the entrance in Hong Kong, China January 24, 2018.

UK Business Secretary Andrea Leadsom, speaking on Bloomberg Television as news of the deal broke, said the British government would scrutinize any tie-up between the exchanges.

Apple announces three new health studies you can join soon
Apple CEO Tim Cook will take centre stage at the Steve Jobs theatre in Cupertino at 10.30PM IST for the keynote. The system is made up of 12MP wide, telephoto and ultra wide lenses, with 4x optical zoom and a new Night Mode.

Business Secretary Andrea Leadsom told Bloomberg TV the United Kingdom welcomed foreign investment but would "look very carefully at anything that had security implications for the UK".

The proposed takeover of the LSE comes at a time when Hong Kong is beset by political upheaval. The company went public later that year.

HKEX said it meant to apply for a secondary listing of its shares on the LSE once the deal has gone through.

HKEX's publication of its offer caught the London Stock Exchange off-guard.

As well as its iconic stock exchange, LSE runs businesses including the world's biggest OTC derivatives clearinghouse, LCH Ltd.; index provider FTSE Russell; a European share trading venue called Turquoise; and Borsa Italia.

"In addition, the very nature of the Hong Kong approach will be subject to any number of considerations, such as competitive and regulatory issues".

Related News:



Most liked

Body of Robert Mugabe en route from Singapore to Zimbabwe for burial
A vehicle believed to be carrying the body of former Zimbabwe President Robert Mugabe has left a Singapore funeral parlour. The former president had been receiving hospital treatment in the city state before he died last week aged 95.

To Launch November 1 At $4.99 A Month 09/12/2019
At Tuesday's event, Apple CEO Tim Cook didn't have much new to say about the TV+ service beyond its pricing and service date. Both the regular and "pro" iPhone 11 models will be available for pre-order Friday 13, be available for purchase Friday 20.

Research By Movemeber Reveals Men's Mental Health At Work A Problem
Males continued to account for three-quarters of suicide deaths in 2018, with 4,903 deaths compared with 1,604 female deaths. Afterwards, there will be a "community conversation" and Luppino will share his personal story about suicide, Willis said.

UN atomic watchdog confirms Iran installing new centrifuges
The International Atomic Energy Agency (IAEA) is investigating the particles' origin and has asked Iran to explain the traces. The deal only lets Iran produce enriched uranium with just over 5,000 of its first-generation IR-1 centrifuge machines.

Apple announce three new iPhones destined for Australia in just weeks
Visible will carry the device as of September 20th with 0% financing, no money down, no upgrade fees, and free overnight shipping. Both the iPhone 11 Pro and Pro Max will be available for pre-order starting this Friday , September 13, at 5:00 am PT/8:00 am ET.

Iranian fan dies; set herself on fire outside court
She was initially charged in March and released from jail after three days and she had waited six months for her trial. Although there is no official ban in place, women in Iran are often refused entry as reported by the BBC .

UK Summons Iran Ambassador for Breaching Assurances on Oil Tanker
The Adrian Darya 1, formerly known as the Grace 1, was carrying 2.1 million barrels of Iranian crude oil worth some $130 million. It is thought the ship turned off its transponder in the Mediterranean Sea before travelling to Syria .

UK: Bill ruling out no-deal Brexit becomes law
Earlier he visited Ireland, and made a rare admission that a no-deal exit would be a failure of diplomacy. Talk is now turning to a November poll.

Kelly Clarkson Opens Show Featuring Steve Carell & The Rock
While on The Tonight Show , Clarkson revealed she actually got the advice from her mother-in-law, Reba McEntire . But ultimately, Kelly says, "I don't really care if it's a celebrity or non-celebrity..." It will be wonderful.

Alibaba's Jack Ma steps down as industry faces uncertainty
It employs over 100,000 people, and has expanded into financial services, cloud computing and artificial intelligence. Tsai said Alibaba stands to benefit from Beijing's promise to increase imports and a growing consumer market.

Phoenix hails 'greatest' role as 'Joker' hits Toronto
Stay tuned to Heroic Hollywood for the latest news on Joaquin Phoenix , Joker , and the future of the DC slate as we learn it. With a role that's been tailor-made for him, it's hard to imagine Phoenix will do anything short of stunning with Joker .

Disturbance in the Atlantic expected to bring heavy rainfall to Bahamas, Florida
Currently, however, four tropical systems are being closely monitored including Tropical Storm Gabrielle in the North Atlantic. But there are two other storms to keep an eye on, although it's too early to say if they will affect North Carolina and SC .

Apple sets launch of streaming, gaming services
Prices start at US$399 or US$499 with cellular service and will be available to order Tuesday and in stores September 20. Apple is in a "holding pattern" until it rolls out 5G phones with faster mobile data speeds next year, analysts said.

Bloomberg pledges $160M to stop youth vaping
US health officials have noted that six Americans have died so far due to lung-related illnesses caused by vaping or e-cigarettes. Symptoms include coughing, shortness of breath, chest pain, nausea, vomiting, diarrhea, fatigue, feve, and weight loss.

Health Officials Issue New Warning On Vaping-Related Illnesses After New Fatalities
Severe pulmonary disease related to vaping has taken another casualty in the United States, bringing the total death up to three. The researchers found that of the cases, 83 percent were male, and the average age of the patients was just 19 years old.