HONG KONG: Shares of Hong Kong Exchanges and Clearing Ltd were set to fall 3.3 per cent on Thursday after the bourse unveiled a US$39 billion takeover approach to the London Stock Exchange on Wednesday.
HKEX stocks were set to open at HK$238, compared with a 0.5 per cent gain in benchmark Hang Seng Index.The proposed deal is aimed at creating a combined group better able to compete with US rivals such as Intercontinental Exchange and CME Group. It is contingent on LSE abandoning a deal to acquire financial information provider Refinitiv.
HKEX, whose main shareholder is the Hong Kong government, said its 31.6 billion pound cash-and-share transaction proposal represented a 22.9 per cent premium to the LSE's closing stock price on Tuesday of 8,361 pence.
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