London / Hong Kong (dpa) - The London Stock Exchange LSE has formally rejected the takeover bid by the operator of the Hong Kong Stock Exchange HKEX.

The Board had fundamental concerns over several key aspects of the offer and therefore rejected it unanimously, the London Stock Exchange (LSE) said. In addition, because there are fundamental weaknesses, you see no benefit in another commitment.

HKEX had submitted an offer to the London Stock Exchange on Wednesday, which valued the company at a total of about 29.6 billion British pounds (about 33 billion euros). The offer consisted of one share of cash and one share. According to the operator from Hong Kong, the merger would have produced a world-leading stock exchange operator.