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The London Stock Exchange was wrong to reject Hong Kong’s US$36.6 billion offer. It needs to think bigger or risk being left behind

The London Stock Exchange risks wishing itself into the wilderness with its hasty decision to reject a US$36.6 billion acquisition bid from the Hong Kong stock exchange.Hong Kong Exchanges and Clearing’s offer gave London the opportunity to cement its position as a centre for financing China’s massive Belt and Road Initiative. Instead, that position could now go to a European financial centre.The LSE’s rejection came remarkably quickly, within days of HKEX’s surprise offer, and suggested… Source link

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London Stock Exchange unanimously rejects Hong Kong’s US$36.6 billion surprise takeover bid

London Stock Exchange Group’s board of directors has unanimously rejected an unsolicited US$36.6 billion takeover proposal from Hong Kong Exchanges and Clearing, according to a statement posted on the exchange’s website. “The board has fundamental concerns about the key aspects of the conditional proposal: strategy, deliverability, form of consideration and value. Accordingly, the board unanimously rejects the conditional proposal and, given its fundamental flaws, sees no merit in further… Source link

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Hong Kong’s unsolicited US$36.6 billion bid for the London Stock Exchange was kicked off by a surprise visit 30 hours earlier

London Stock Exchange Group Chief Executive Officer David Schwimmer had a visit on Monday from an unexpected guest: Hong Kong Exchanges and Clearing Limited’s CEO Charles Li.In a hastily called meeting, the 58-year-old Li told Schwimmer and LSE Chairman Don Robert that he wanted to buy the three-century-old UK exchange, according to a person familiar with the matter, who asked not to be identified discussing a private conversation.The executives were caught off guard, and were surprised when… Source link

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Hong Kong stock exchange operator makes bid to buy London Stock Exchange for US$36.6 billion

Hong Kong Exchanges and Clearing offered to buy the London Stock Exchange for US$36.6 billion, the operator of Asia’s third largest market announced on Wednesday. “The proposed combination would strengthen both businesses, better position them to innovate across markets and geographies, and offer market participants and investors unprecedented global market connectivity,” the Hong Kong Exchanges and Clearing – the operator of the city’s stock market – said in a stock exchange filing. It would… Source link

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