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Stock Exchange Merger Failed: Hong Kong Stock Exchange Blows Takeover of London Rivals


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Hong Kong (dpa) - The merger of the largest stock exchanges in Asia and Europe has failed. The Hong Kong Stock Exchange (HKEX) said it was giving up plans to acquire the London Stock Exchange (LSE).

It was not possible "to work with the management of the LSE to realize this vision," it said in a mandatory statement of the stock market on Tuesday.

The Hong Kong Stock Exchange surprisingly approached its counterpart in London in September. The offer, which would have rated the stock exchange operator with 29.6 billion British pounds without debts (about 33 billion euros), was however rejected by the LSE.

A merger would not only have created a world-leading financial market group, but also strengthened both businesses, the Hong Kong Stock Exchange had argued in presenting their first offer. A transaction would be in the interest of all shareholders, said the operator.

HKEX had already bought the London Metal Exchange in 2012 for £ 1.4 billion. The LSE was also already the focus of merger projects: a merger with Deutsche Börse failed a few years ago at the veto of the European Commission.

Hong Kong Stock Exchange announcement

Source: zeit

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