London Stock Exchange gets 32bn Hong Kong bid


BBC News

Sep 11, 2018


The company that owns Hong Kong's main stock exchange has made a 32bn bid to buy its rival in London.


Shares in the London Stock Exchange Group jumped by more than 15% on news of the offer, but fell back later.


Hong Kong Exchanges and Clearing said in a statement that combining the two exchanges would bring together "the largest and most significant financial centres in Asia and Europe".


But it wants the LSE to scrap its plans to buy data firm, Refinitiv.


The deal would "redefine global capital markets for decades to come", said Charles Li, chief executive of the Hong Kong company.


"Together, we will connect East and West, be more diversified and we will be able to offer customers greater innovation, risk management and trading opportunities," he added.


The LSE confirmed it had received an "unsolicited, preliminary and highly conditional" offer from its Hong Kong rival and said it would make an announcement in "due course".


'Strategic asset' ...