Hong Kong bourse pulls plug on $39 bln play for London Stock Exchange

Record ID: 1435683

  • Title: Hong Kong bourse pulls plug on $39 bln play for London Stock Exchange
  • Date: 8th October 2019
  • Summary: LONDON, ENGLAND, UK (FILE) (REUTERS) INTERIOR LONDON STOCK EXCHANGE (LSE) TICKER INSIDE THE LSE CLOSE OF LSE COAT OF ARMS VARIOUS OF INTERIOR OF LSE HONG KONG, CHINA (FILE - AUGUST 14, 2017) (REUTERS) EXTERIOR OF HONG KONG EXCHANGE SQUARE HONG KONG STOCK EXCHANGE TRADING FLOOR SCREEN SHOWING STOCK INFORMATION HONG KONG, CHINA (FILE - APRIL 26, 2018) (REUTERS) SIGN ON WALL READING (English): ''HKEX'' ELECTRONIC SCREEN SHOWING STOCK CODE PERSON ENTERING BUILDING VARIOUS OF ELECTRONIC SCREEN SHOWING STOCK CODES HONG KONG STOCK EXCHANGE FLAG FLYING WITH HONG KONG AND CHINESE FLAGS EXTERIOR OF HONG KONG EXCHANGE SQUARE STATUES OF BRONZE BULLS
  • Embargoed: 22nd October 2019 09:09
  • Keywords: London Stock Exchange LSE mergers and aquisitions Hong Kong Stock Exchange HKEX merger Hong Kong London
  • Location: LONDON, ENGLAND, UK/ HONG KONG, CHINA
  • City: LONDON, ENGLAND, UK/ HONG KONG, CHINA
  • Country: Various
  • Topics: Economic Events
  • Reuters ID: LVA001B08LEH9
  • Aspect Ratio: 16:9
  • Story Text: Hong Kong's bourse on Tuesday (October 8) scrapped its unsolicited $39 billion approach for London Stock Exchange Group (LSE) after failing to convince LSE management to back a move that could have transformed both global financial services giants.
    Last month's surprise cash-and-shares approach threatened to upend the LSE's $27 billion plan to buy data and analytics firm Refinitiv. The Hong Kong exchange had said the LSE would have to ditch the Refinitiv purchase for its offer to go ahead.
    LSE shares slid 6.1% by 0805GMT, close to their lowest since Hong Kong Exchanges and Clearing Ltd (HKEX) announced its approach on September 11, while the Hong Kong bourse's stock was up 2.3% near the end of its trading day.
    Analysts had viewed HKEX's chance of success as slim after it was rejected by the LSE just two days from the HKEX going public with its interest. Political turmoil engulfing Hong Kong and perceptions of Beijing's growing influence over the city were seen as another key obstacle to any deal.
    (Production Credit: Lucy Marks)
  • Copyright Holder: FILE REUTERS (CAN SELL)
  • Copyright Notice: (c) Copyright Thomson Reuters 2019. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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