Hong Kong Exchanges drops $39 billion offer to buy LSE
HONG KONG - Hong Kong’s bourse on Tuesday dropped its unsolicited $39 billion bid for London Stock Exchange Group , conceding it hadn’t won over LSE management for a move that could have transformed both global financial services businesses.
In a statement on Tuesday, Hong Kong Exchanges and Clearing Ltd , said it still believed the combination of the two exchanges would be “strategically compelling”. Subsequent efforts by the Hong Kong exchange to engage with LSE shareholders had also met with resistance, with some investors telling Reuters the HKEX would have to raise its offer by at least 20% - mostly in cash - to tempt LSE shareholders.
“HKEX will continue to try other things. Charles Li has done a lot of deals, most notably the London Metal Exchange. It may not be a stock exchange, but other related areas.”
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