LONDON: Hong Kong Exchanges and Clearing has launched a shock £31.6 billion bid for the London Stock Exchange Group in a move set to disrupt its UK rival’s tie-up with Refinitiv.
Shares in the London Stock Exchange (LSE) initially surged as much as 16 per cent higher after news of the cash-and-shares approach, but soon pared back gains to stand 6 per cent higher amid investor doubts over the success of the deal.
Hong Kong Exchanges and Clearing (HKEX) is proposing to pay around £83.61 a share — which values the LSE at about £29.6 billion, or £31.6 billion including debt. But HKEX said the potential offer is dependent on LSE’s planned 27 billion US dollars (£21.9 billion) deal to buy data provider Refinitiv being scrapped.
The LSE agreed the Refinitiv deal last month, which would see major Refinitiv shareholders, including Blackstone and Thomson Reuters, take a 37 per cent stake in the enlarged company. HKEX insisted its bid was not hostile and likened its move to snap up the LSE as a “corporate Romeo and Juliet” story.
Charles Li, chief executive of HKEX, said: “It’s an open expression of our admiration of the City of London and the London Stock Exchange.” The company said it has had “early engagement” with the LSE and plans to seek a recommendation from its board.
Thousands stopped working on February 20 to protest government plans to train more doctors, causing chaos in hospitals
The court said the temporary bail would last until June 1, the last day of the seven-phase vote, and Kejriwal would...
Thailand´s northeast -- the agricultural heartland -- saw the highest number of deaths, the ministry said
Dozens of tents, blankets and food were provided to those who lost their homes, the official said
“United States and the international coalition we have assembled will continue to stand with Ukraine in its defence...
Emir also suspended some of the constitutional articles for a period not exceeding four years