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

Uber sues Los Angeles authorities over user data collection

Google Introduces New Coronavirus Website

WHO Warns That The Youth Are ‘Not Invincible' To The Novel Coronavirus

Chinese software company learns to recognize 95% of masked faces

World's largest retailer to use 5G for medical services

SpaceX Receives Approval To Create Research & Manufacturing Facility In Los Angeles

JPMorgan: Transition to e-money will be based on blockchain

Tesla In Advance Talks With CATL For Using Lithium Batteries

Financial giants and US government turn to quantum computers

Long Way To Go For Coronavirus Vaccine, Say Drgumakers

World Politics

World & Politics

US Ambassador To UK Holds China Responsible For Global Spread Of Coronavirus

China to lift quarantine in Wuhan on April 8

Canada, Australia refuse to send athletes to Olympics 2020

Plans For A Possible Delay Of Olympics Being Formulated By Tokyo Organizers: Reuters

Maduro says Venezuela will receive UN assistance to fight coronavirus

2 Million Masks For Coronavirus Crisis In Europe Donated By Jack Ma

National Emergency Declared In The US By Donald Trump Over Coronavirus

China: Coronavirus epidemic peak is over