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Hong Kong exchanges bids US$39 bil to take over LSE

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The LSE has sought to bolster its presence in Asia and recently launched a link scheme with HKEX competitor Shanghai. FMTNews

The proposed 31.6 billion pounds cash-and-share transaction would only go ahead if the LSE’s takeover of Refinitiv does not proceed.

“The board of HKEX believes a proposed combination with LSEG represents a highly compelling strategic opportunity to create a global market infrastructure leader,” the Hong Kong exchange said in a statement on Wednesday. “HKEX is fully committed to supporting and building the long term roles of both London and Hong Kong as global financial centres,” it added.

After initially jumping more than 17% in reaction to the news, LSE shares were trading 5.4% higher at 12:05pm. Pro-democracy protesters lit fires and vandalised a metro station near the exchange on Saturday as increasingly violent clashes with police move into their fourth month. A top-10 shareholder in the LSE, who declined to be named in line with his company’s policy during potential mergers, sounded a cautious note about the prospects of a successful takeover of the exchange.

 

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