Daily Management Review

HKEX abandons idea of merging with LSE


The operator of the Hong Kong stock exchange cited a lack of interest from the British side.

The operator of the Hong Kong stock exchange HKEX rejected the idea to merge with the London site, explaining this by the lack of interest in the transaction from the British side. Recall, one of the leading Asian trading sites was ready to pay $ 36.6 billion for the creation of the conglomerate. LSE added 6-7% on this information.

The Hong Kong Stock Exchange offered London a merger on September 11th. However, 2 days later it was refused. The  board of directors regarded the proposal as “preliminary, undesirable and highly conditional.”

"The board of directors has fundamental concerns about key aspects of the contingent proposal: strategy, results, review forms and costs. Accordingly, the board unanimously rejects the contingent proposal and, given its fundamental shortcomings, sees no reason for further participation," the LSEG statement reads.

However, after this information appeared that the Asian player was trying to raise the bid, trying to interest the British. But they, apparently, are now not up to it.

Nevertheless, Hong Kong stressed that they still consider the deal a good option. “The HKEX Board of Directors still believes that the combination of the two sites is strategically attractive and able to create the world's leading market infrastructure group. Despite interacting with a wide range of regulators and shareholders, the Board of Directors is disappointed that it was not possible to cooperate with LSEG’s management," the HKEX statement said.

In 2012, the operator of the Hong Kong exchange already bought the London Metal Exchange (LME) for $ 2.1 billion.

source: ft.com

Science & Technology

Porsche, Boeing set to develop flying electric car

Samsung to invest $ 11 billion in new generation displays

US is betting on Nokia and Ericsson to replace Huawei

UPS becomes first to receive full regulatory approval for UAV shipping in USA

NASA orders Lockheed Martin to build spacecraft to fly to the Moon

Hyundai to create joint venture for unmanned vehicles

Bain & Company: E-wallets and cheaper transactions are new payment trends

Is UAV drone industry falling into decay?

UK Scotland Yard employs AI to deal with frauds

US sets to fight robocalls outbreak

World Politics

World & Politics

Dominican Republic lost $ 200 million because of scandal with tourists death

France: We will take measures to protect our military in Syria

Paralyzed Hong Kong: Protests don't fade

Johnson unveils Brexit compromise deal considering Irish issue

African swine fever at Europe’s borders: time for an embargo?

Saudi Crown Prince Says Khashoggi’s Murder Happened Under His Watch

Will Merkel restore her "Climate Chancellor" image?

Venezuelan opposition to receive $ 52 mln from USA