HKEx drops bid to buy London Stock Exchange

Hong Kong Stock Exchanges and Clearing (HKEx) said on Tuesday that it has dropped its US$39 billion bid to acquire London Stock Exchange Group (LSE).
In a statement, Hong Kong's stock market operator said it has abandoned the takeover bid as it has been unable to bring the LSE Group's management on board for the deal, Reuters reports.
Despite the failed pursuit, HKEx said it still believes the combination of the two exchanges would be “strategically compelling”.
“HKEX is disappointed that it has been unable to engage with the management (of the London Stock Exchange) in realizing this vision,” it said.
HKEx's unsolicited approach, made in September, was rejected by the LSE, which has insisted it will stick to its own already announced US$27 billion plan to buy data and analytics company Refinitiv.
HKEx has said the LSE will have to ditch the Refinitiv purchase for its offer to go ahead.
When HKEx announced its surprise move, analysts also said the perception that Beijing was exerting growing influence over Hong Kong could become another key sticking point for an LSE takeover by the Hong Kong market operator.
-- Contact us at [email protected]
RC
-
One day, two mountains in Hong Kong Ben Kwok
Heavy rain poured again this morning in Guangdong and I was stuck at a building near the East station to catch the first high-speed train back to Hong Kong. A security guard approached this puzzled
-
Not a Happy Valley! Ben Kwok
Bad news does not come singly in Happy Valley! Days after Hong Kong Jockey Club suspended the two jockeys Vagner Borges and Silvestre de Sousa for their betting offences, more shocking news came from
-
Crowdsourced maps can enhance city’s efficiency and flexibility Dr. Winnie Tang
Although Britain's global influence has dwindled, its soft power should not be underestimated. The coronation of King Charles III is the latest showcase of its great marketing which, as The Economist
-
Reflections on the HKU President’s Forum: Science and Society Dr. Winnie Tang
In recent years, Hong Kong has emphasised the importance of learning STEM, and there is nothing more valuable than listening to top scientists from around the world and Professor Xiang Zhang, the
-
Will Hong Kong government get more tax revenue next year? Ben Kwok
Bad news is tax season is coming. Worse, the Hong Kong SAR government expects a five per cent drop in tax revenue in the financial year ended 31 March 2023, raising fear that we might need to pay