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WorldHong Kong Exchanges proposes $39 billion London Stock Exchange takeover

13:10  11 september  2019
13:10  11 september  2019 Source:   reuters.com

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FILE PHOTO: The name of Hong Kong Exchanges and Clearing Limited is displayed at the entrance in Hong Kong , China January 24, 2018. LONDON (Reuters) – Hong Kong Exchanges and Clearing has made an unsolicited $ 39 billion (31.5 billion pounds) takeover bid for the London Stock

Hong Kong Exchanges and Clearing has made an unsolicited $ 39 billion takeover approach for the London Stock Exchange . The proposal is contingent on the LSE ditching its acquisition of data company Refinitiv.

LONDON (Reuters) - The Hong Kong Exchanges and Clearing Limited has proposed a 31.6 billion pound ($39 billion) takeover of the London Stock Exchange , it said on Wednesday, just weeks after the London bourse announced a plan to merge with data company Refinitiv.

Hong Kong Exchanges proposes $39 billion London Stock Exchange takeover© Reuters/Bobby Yip FILE PHOTO: The name of Hong Kong Exchanges and Clearing Limited is displayed at the entrance in Hong Kong

"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.

The proposed transaction would only go ahead if the LSE's proposed takeover of Refinitiv does not proceed, it said.

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LONDON (Reuters) - Hong Kong Exchanges and Clearing Ltd (HKEX) ( HK :0388) made a $ 39 billion takeover approach to the London Stock Exchange Plc (L: LSE ) on Wednesday, aiming to create a global trading powerhouse and thwart the latter's billion acquisition of financial data provider

LONDON — Hong Kong Exchanges and Clearing has made an unsolicited US$ 39 billion takeover bid for the London Stock Exchange , an offer contingent on the LSE ditching its acquisition of data company Refinitiv.

Hong Kong Exchanges proposes $39 billion London Stock Exchange takeover© Reuters/Peter Nicholls FILE PHOTO: Signage is seen outside the entrance of the London Stock Exchange in London

Hong Kong Exchanges already has a base in London as owner of the London Metal Exchange. The LSE has long sought to bolster its footprint in Asia and recently launched a link with Shanghai.

The LSE had no immediate comment. Refinitiv had no comment, and Refinitiv majority shareholder Blackstone had no immediate comment.

"The board of HKEX believes that the two businesses are highly complementary and as such, looks forward to working with the relevant authorities to deliver a clear path to completion," the HKEX said.

(Reporting by Huw Jones and Sinead Cruise; editing by Jason Neely)

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