LONDON: The Hong Kong Stock Exchange has bid almost £32 billion for its London rival in a shock move on Wednesday (Sep 11) to bring together two ...
LONDON: The Hong Kong Stock Exchange has bid almost £32 billion for its London rival in a shock move on Wednesday to bring together two of the world's largest financial hubs in Asia and Europe.
The surprise news initially sent LSEG shares surging 10 per cent before it pared the gain to 5.9 per cent at £72.06, far below the offer price of more than £83 per share as analysts doubted the likelihood of a deal being struck given LSEG's commitment to Refinitiv."Hong Kong Exchanges and Clearing Limited today announces that it has made a proposal to the board of LSEG to combine the two companies," it said in a statement.The cash-and-shares offer is worth £31.
"Following early engagement with LSEG, we look forward to working in detail with the LSEG board to demonstrate that this transaction is in the best interests of all stakeholders, investors and both businesses." The HKSE deal is subject to approval by both sets of shareholders, as well as the termination of the Refinitiv deal, which Charles Li, HKEX exececutive director, underlined was a prerequisite."The proposed offer would be totemic in terms of East-West relations," said Richard Hunter, head of markets at online broker Interactive Investor.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong Exchanges proposes US$39 billion London Stock Exchange takeoverHong Kong Exchanges and Clearing Limited said on Wednesday it has made a proposal to the board of London Stock Exchange Group Plc to combine the ...
Read more »
Hong Kong Exchanges bids US$39 billion to take over London Stock ExchangeHong Kong Exchanges and Clearing Limited said on Wednesday it has made a proposal to the board of London Stock Exchange Group Plc to combine the ...
Read more »
Hong Kong Stock Exchange unveils shock £32 billion bid for London rivalLONDON: The Hong Kong Stock Exchange has bid almost £32 billion (US$39.5 billion) for its London rival in a shock move on Wednesday to bring ...
Read more »
Cathay Pacific to cut capacity as demand for Hong Kong travel fallsHONG KONG (REUTERS) - Cathay Pacific Airways said on Wednesday (Sept 11) it would cut capacity for the upcoming winter season after reporting an 11.3 per cent fall in passenger numbers in the month of August as anti-government protests in Hong Kong hit demand.. Read more at straitstimes.com.
Read more »