(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.

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