Hong Kong Exchanges to pay £1.4 billion for LME

06/15/2012 | Financial Times · Telegraph (London), The · Bloomberg

The board of the London Metal Exchange has recommended Hong Kong Exchanges and Clearing's purchase bid, setting up the takeover to close later this year. HKEx agreed to pay nearly £1.4 billion for LME, which handles most of the world's trade in industrial-metal futures. "Hong Kong Exchanges can be positive for LME if it can enhance its China exposure. HKEx has a clearing business, visibility in listing for Chinese companies, and has experience working with regulators and authorities in China, which can add value to the LME," said Jonas Kan of Daiwa Capital Markets.

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Financial Times · Telegraph (London), The · Bloomberg

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