Hong Kong Stock Exchange looks to acquire LSE for £32bn
Hong Kong Stock Exchange looks to acquire LSE for £32bn
Sir Martin formed S4 Capital after leaving ad giant WPP
Credit Jason Alden Bloomberg
11 September, 2019, 14:28
The Hong Kong Exchanges and Clearing Limited has proposed a 31.6 billion pound takeover of the London Stock Exchange LSE.L , it said on Wednesday, just weeks after the London bourse announced a plan to merge with data company Refinitiv.
HKEX says the combination would create a leading market infrastructure group with a global footprint and, crucially, close ties to China.
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". Together, they have the ability to offer "unique potential to enhance and capture global capital and data flows", it said.
The move is just the latest in a string of takeover bids from overseas buyers aiming to take advantage of weakened sterling, which has made United Kingdom assets cheap for North American and Asian buyers.
It previously bought the London Metal Exchange for £1.4B in 2012.
The HKSE deal is subject to approval by both sets of shareholders, as well as the termination of the Refinitiv deal.
"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".
In short, Hunter said the proposal was "a fascinating prospect, but far from a done deal".
I'm still doing what I can do. "I just tried to stay as composed as I could". "I don't know what to say". Williams struggled with unforced errors, and finished the match with 33 unforced errors to 33 winners.
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