World: Hong Kong exchange makes surprise $36.6 billion bid for LSE - PressFrom - US

WorldHong Kong exchange makes surprise $36.6 billion bid for LSE

13:40  11 september  2019
13:40  11 september  2019 Source:

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BREAKING: Hong Kong stock exchange makes takeover bid for London Stock Exchange !! LSE has shot up 15%. Photograph: Chris J Ratcliffe/Getty Images. NEWSFLASH: Hong Kong ’s stock exchange has launched an audacious attempt to merge with the London Stock Exchange .

Hong Kong ’s stock market has a midsummer’s nightmare as fundraising dries up in worsening trade war and street mayhem. The number of companies seeking to raise capital this year fell by a third to 88 IPOs, with proceeds plunging by 55.9 per cent to US.82 billion .

(Bloomberg) --

Hong Kong Exchanges & Clearing Ltd. made an unexpected $36.6 billion bid for London Stock Exchange Group Plc, a bold move that could upend the U.K. bourse’s combination with Refinitiv.

The offer faces faces several hurdles, as LSE’s board “remains committed to” the acquisition of data provider Refinitiv as it considers what it called an unsolicited, preliminary and highly conditional proposal.

LSE’s shares pared earlier gains, reflecting skepticism that a deal can be done in the face of escalating tensions with China over Hong Kong and the view that the $27 billion takeover of Refinitiv would allow LSE to push into financial data, offering a more secure future than a combination of stock exchanges. For HKEX, the deal promises a base away from the increasingly fraught political climate at home.

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HKEX Websites Were Attacked on Thursday, CEO Says Hong Kong Exchanges & Clearing Ltd.’s websites suffered cyberattacks on Thursday, though they were unrelated to the afternoon’s derivatives market trading halt, according to its chief executive officer. Charles Li said that the company has seen distributed denial-of-service attacks against its websites many times this year. The derivatives problem was a software bug in a system provided by a vendor, he said, without giving more details.

HONG KONG (MarketWatch) -- A weathered pair of metal bulls keep watch in Exchange Square in the center of the city here, their backs rusting green from the rain as they lazily look just a few meters Nasdaq's withdrawal of its .2 billion bid for the LSE on Thursday sent shares of the LSE plunging.

HONG KONG — The operator of the Hong Kong stock exchange is looking for a bank loan to help finance an offer for the London Metal Exchange , in a sign that the exchange is aggressively pushing ahead with its bid . According to a person with direct knowledge of the matter, the operator, Hong

Under the proposed offer, HKEX would offer 2,045 pence as well as 2.495 newly issued HKEX shares for each LSE share. That values each LSE share at 8,361 pence, the Hong Kong bourse said in its statement. The U.K. company’s stock rose 6.2% to 7,190 pence on Wednesday at 10:54 a.m. in London, after earlier surging as much as 16%.

The Asian bourse operator had considered the “ambitious and far-reaching” deal for one of Europe’s largest exchanges for many months, HKEX Chief Executive Officer Charles Li said in a statement Wednesday.

LSE’s board said it would consider the proposal and will make a further announcement in due course.

Data Dominance

The Refinitiv deal was a bet by LSE on a future dominated by data, as the three-century-old exchange looks for ways to extend its global reach. Acquiring Refinitiv, the former financial and risk unit of Thomson Reuters, would help the London bourse expand further into data analysis.

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Hong Kong Exchange & Clearing Ltd., with a market value of .3 billion and a price- earnings ratio of 25, is the NYSE Euronext’s shares have slumped 36 percent since then. Singapore Exchange ’s .3 billion bid for Sydney-based ASX was blocked in April after lawmakers rejected losing control of

HONG KONG (Reuters) - China’s Alibaba Group Holding Ltd (BABA.N) is leading a . 6 billion bid to privatize Intime Retail Group Co Ltd (1833. HK ) in a move to digitize brick-and-mortar department stores while growth in online sales begins to slow. Alibaba Investment Ltd and Intime founder Shen Guojun

An HKEX-LSE pact would put an end to the Refinitiv purchase, instead creating a global trading power that would have stock, derivatives and commodities exchanges, as well as clearinghouses across two continents.

Hong Kong exchange makes surprise $36.6 billion bid for LSE© Bloomberg Key Speakers at the Credit Suisse Asian Investment Conference

Charles Li

Bloomberg LP, the parent of Bloomberg Intelligence, competes with Refinitiv and Thomson Reuters to provide financial news, data and information.

Both exchange operators have been involved in bourse merger deals in recent years, with LSE failing in its attempt to combine with Deutsche Boerse AG and HKEX acquiring London Metal Exchange in 2012 for 1.4 billion pounds.

LSE’s efforts to merge with Deutsche Boerse were ultimately scuppered by political considerations. HKEX’s proposed move could fall at the same hurdle, said Ronald Wan, chief executive at Partners Capital International Ltd. in Hong Kong.

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Hong Kong Exchanges & Clearing Ltd., the most valuable exchange operator in Asia, said full-year earnings rose to a record on higher trading turnover. Revenue increased 36 percent to HK .38 billion in the period. Analysts were expecting net income of HK billion , according to data compiled

Is the London Stock Exchange playing too hard to get? Nasdaq Stock Market has withdrawn a 2.4 billion pound (.2 billion ) bid for the L.S.E., becoming the third suitor in 14 months to walk away from the exchange . Shares of L.S.E. registered their biggest decline in more than 4 1/2 years on the news.

“A takeover from Hong Kong, a special administrative region of China, could be seen as a takeover from China. It won’t be easy to clear all the regulatory hurdles -- the deal is super politically sensitive,” he said.

U.K. Business Secretary Andrea Leadsom, speaking on Bloomberg Television as news of the deal broke, said the British government would scrutinize any tie-up between the exchanges. Leadsom said the U.K. authorities would “look very carefully at anything that had security implications for the U.K.”

HKEX was created in 2000 after the merger of stock and derivatives exchanges in Hong Kong. The company went public later that year.

Li said earlier this year in the company’s latest strategic plan that HKEX aims to be “globally connected,” while being “China anchored.” In recent years he has tied his business more closely to the Chinese mainland, in particular with the start of stock and bond trading links to markets in Shanghai and Shenzhen.

As well as its iconic stock exchange, LSE runs businesses including the world’s biggest OTC derivatives clearinghouse, LCH Ltd.; index provider FTSE Russell; a European share trading venue called Turquoise; and Borsa Italia.

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London Stock Exchange Group Plc scrapped its bid for TMX Group Inc. after it failed to win shareholder support The LSE termination paves the way for a rival bid from a group of Canadian banks and pension funds to “It’s the one that would make the most sense.” Consider Alternatives.

a home-grown multi- billion -dollar bid for the operator of the Toronto Stock Exchange that's being Maple Group said it would seek Competition Bureau approval for such a merger, but its bid is not the LSE would leave Canada's biggest stock exchange dominated by foreign interests, welcomed the

Hong Kong lawmaker and HKEX shareholder Christopher Cheung said he was concerned most about the offer price, and what LSE could offer to HKEX. Cheung, a veteran broker, said in an interview that he thinks it’s getting harder for HKEX to start more trading links with China, citing the US-China trade tension and the recent protests in the city against growing influence from Beijing.

“If Hong Kong cannot count on itself to maintain its status as an international finance center, it is only natural to seek horizontal, inorganic growth through acquisition,” he said by phone.

(Updates with shares in third paragraph.)

--With assistance from Harry Wilson, Sofia Horta e Costa and Moxy Ying.

To contact the reporters on this story: Kiuyan Wong in Hong Kong at [email protected];Viren Vaghela in London at [email protected]

To contact the editors responsible for this story: Ambereen Choudhury at [email protected], ;Candice Zachariahs at [email protected], Sree Vidya Bhaktavatsalam

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