London Stock Exchange rejects unsolicited takeover bid from its Hong Kong counterpart, citing 'fundamental concerns' about the offer.
The London Stock Exchange on Friday rejected an unsolicited takeover bid from its Hong Kong counterpart, citing"fundamental concerns" about the offer.
One potential roadblock was concern in Britain about the possibility of the Chinese government influencing one of the symbols of global capitalism. At least half of Hong Kong Exchanges' board and the chairman are nominated by the city's government, whose leader is ultimately appointed by China's communist rulers.
"Given the fundamental flaws in your proposal, we see no merit in further engagement," Chairman Don Robert said in a letter to Hong Kong Exchanges CEO Charles Li and Chairwoman Laura Cha. Hong Kong Exchanges said it was disappointed that the London Stock Exchange"declined to properly engage," adding it had hoped to show how its proposal was better than the Refinitiv deal.
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