Business World

Monday 21 October 2019

Hong Kong drops LSE takeover bid

Employees walk past London Stock Exchange share price information in the atrium of the LSE Group’s offices in London. Photo: Bloomberg
Employees walk past London Stock Exchange share price information in the atrium of the LSE Group’s offices in London. Photo: Bloomberg
Independent.ie Business Desk

Independent.ie Business Desk

Hong Kong Exchanges and Clearing (HKEX) has dropped its £32bn (€36bn) takeover approach for the London Stock Exchange Group (LSE).

HKEX said it would not be making a firm offer for the LSE after being left "disappointed" that it had not been able to enter talks with LSE management.

HKEX said: "The board of HKEX continues to believe that a combination of LSE and HKEX is strategically compelling and would create a world-leading market infrastructure group.

"Despite engagement with a broad set of regulators and extensive shareholder engagement, the board of HKEX is disappointed that it has been unable to engage with the management of LSE in realising this vision, and as a consequence has decided it is not in the best interests of HKEX shareholders to pursue this proposal."

PA Media

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