UK News: Treasury ready to block £32bn LSE takeover over fears about national security and financial stability - - PressFrom - United Kingdom
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UK NewsTreasury ready to block £32bn LSE takeover over fears about national security and financial stability

02:15  18 september  2019
02:15  18 september  2019 Source:   thisismoney.co.uk

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The Government’s intervention in the £ 32 bn takeover bid for the London Stock Exchange ( LSE ) from its Hong Kong rival looked increasingly likely as the Chancellor Sajid Javid took control of the decision on whether or not to block the deal from Business Secretary Andrea Leadsom.

HONG KONG’s ambitious £ 32 billion takeover bid for the London Stock Exchange ( LSE ) is set to be slapped down by officials over fears it would place the bourse in China’s hands. HKEX put up a £ 32 bn bid to take over the London Stock Exchange (Image: PA).

The Treasure is ready to block the Hong Kong stock exchange's proposed takeover of London Stock Exchange, the Mail understands.

A source close to Whitehall said officials would intervene in the £32billion deal if it becomes clear that LSE shareholders are likely to back it.

The Government can wade in to potential takeovers – and even block them – if they threaten the national interest.

Treasury ready to block £32bn LSE takeover over fears about national security and financial stability © Provided by Associated Newspapers Limited Hong Kong Exchanges and Clearing, which wants the LSE, is 6 per cent-owned by the Hong Kong government

This applies if they encroach on national security, media plurality or the stability of the financial system.

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But the Treasury boss has taken over control from his fellow minister due to the importance of the London Stock Exchange , The i reports. Treasury chancellor Sajid Javid could intervene in HKEX’s £ 32 bn bid for LSE (Getty). “The London Stock Exchange is a critically important part of the UK

Shares in the operator of the Hong Kong stock market dropped a day after it made a £ 32 bn takeover bid for the London Stock Exchange LSE owns the Italian stock exchange Hong Kong’s status as an international finance hub is also under pressure amid increasing worries over interference by

In the case of the LSE, the Government is concerned about national security and the UK's financial stability.

Hong Kong Exchanges and Clearing (HKEX), which wants the LSE, is 6 per cent-owned by the Hong Kong government.

But the territory, officially part of China though it rules itself, has been rocked by violent pro-democracy protests as citizens worry that Beijing's Communist regime is tightening its grip.

MPs and LSE shareholders have raised fears that selling the LSE could let China exert influence over Britain's financial system.

As well as providing a platform on which shares and other financial instruments can be traded, the London Stock Exchange Group also runs a major clearing business integral to global markets.

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The London Stock Exchange Group has rejected the £ 32 bn takeover approach from the Hong Kong stock exchange The LSE added that it remained committed to its proposed acquisition of Refinitiv, with regulatory approval processes under way and a circular expected to shareholders in November.

HKEX’s £ 32 bn bid for the London Stock Exchange caught everyone by surprise. It now faces a host of The London Stock Exchange in Paternoster Square, St Paul's. On Friday the board of the LSE formally Recent Hong Kong protests. The territory's bitter dispute with Beijing hangs over any deal

Clearing houses are the middlemen between buyers and sellers on financial trades. Last year, the group cleared more than one thousand trillion US dollars in interest rate derivatives contracts alone.

HKEX's shock £32billion bid last week has been frostily rebuffed, but the Hong Kong exchange is now appealing directly to LSE shareholders.

Xavier Rolet, former chief executive of the LSE, last week said he expected regulators around the world to be keeping a close eye on the bid.

It would usually fall to the Business Secretary, Andrea Leadsom, to intervene in takeovers.

A Government spokesman said: 'Given the LSE group is a critically important part of the UK financial system, the Government is following the situation closely, and is in touch with both parties.'

Investors pull gold out of Hong Kong

Investors are pulling gold out of Hong Kong as the territory is rocked by pro-democracy protests against Chinese interference.

The city's precious metal brokers said savers are shifting their holdings to other low-tax locations, such as Singapore and Switzerland.

It follows months of demonstrations over fears about the growing influence of China's Communist leadership.

With rumours rife that Beijing could launch a violent crackdown, analysts also fear the crisis is putting Hong Kong's status as a major financial centre at risk.

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