September 13, 2019 10:29 PM
The LSE told HKEX in a letter that it had fundamental concerns about key aspects of the proposal which it said had no strategic merit, and that HKEX’s relationship with the Hong Kong government would “complicate matters”. The LSE also said a Hong Kong takeover could well be rejected by regulators or governments in Britain, the United States and Italy.
However a source close to the LSE said even if the cash component of HKEX’s offer was raised, it would simply increase the risk for a combined group by piling on more leverage. But proposed deals have collapsed in the face of regulatory and political opposition to core parts of a country’s financial system falling into foreign hands.
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