World: Hong Kong Exchanges proposes $39 billion London Stock Exchange takeover - PressFrom - US
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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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Hong Kong ’s stock exchange operator said on Wednesday that it was offering to purchase the parent company of the London Stock Exchange in a deal that, if completed, would value the British company at nearly billion .

The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange ) is a stock exchange based in Hong Kong . It is Asia's third-largest in terms of market capitalization behind the Tokyo Stock Exchange and Shanghai Stock Exchange

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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Hong Kong Exchanges and Clearing Limited (HKEX; Chinese: 香港交易及結算所有限公司, also 香港交易所 or 港交所 ) operates a stock market and futures market in Hong Kong through its wholly owned subsidiaries The Stock Exchange of Hong Kong Limited (SEHK)

Hong Kong Stock Exchange Launches Takeover Bid For London Counterpart.

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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