(Sept 11): Hong Kong Exchanges and Clearing made an unexpected bid for London Stock Exchange Group, which could potentially throw the European exchange’s own transformative deal into jeopardy.
The transaction values one of Europe’s largest exchanges at 29.6 billion pounds ($50.4 billion), according to a HKEX a statement Wednesday. The Asian bourse operator had considered the ‘ambitious and far-reaching’ deal for many months, HKEX Chief Executive Officer Charles Li said. The LSE, which agreed to snap up data provider Refinitiv in a US$27 billion ($37.3 billion) blockbuster agreement just weeks ago, declined to comment.
Both firms have been involved in exchange 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.