Hong Kong Exchange faces uphill battle with $39 billion bid for LSE

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Hong Kong Exchanges and Clearing Ltd (HKEX) unveiled a $39 billion takeover approach to the London Stock Exchange Plc (LSE) on Wednesday that received a cool response from investors concerned about its regulatory and financial hurdles.

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LONDON (Reuters) – Hong Kong Exchanges and Clearing Ltd (HKEX) (0388.HK

FILE PHOTO: Signage is seen outside the entrance of the London Stock Exchange in London, Britain. Aug 23, 2018. REUTERS/Peter Nicholls/File Photo

HKEX said it has already begun discussions with certain regulators in Britain and Hong Kong. “The board of HKEX believes that the two businesses are highly complementary and as such, looks forward to working with the relevant authorities to deliver a clear path to completion,” it added.

Should the proposed takeover be successful, it is expected that key LSE management would continue to operate LSE businesses, HKEX said.

The Hong Kong government threw its support behind the move.

“The government is glad to see HKEX’s endeavor to enhance its core strength and seek international expansion in accordance with its strategic plan,” a spokesman said.

Additional reporting by Jennifer Hughes and Alun John in Hong Kong, John McCrank, Chibuike Oguh and David French in New York, and Yoruk Bahceli and Abhinav Ramnarayan in London; Editing by Nick Zieminski and Howard Goller


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Author:

Hong Kong Exchanges and Clearing Ltd (HKEX) unveiled a $39 billion takeover approach to the London Stock Exchange Plc (LSE) on Wednesday that received a cool response from investors concerned about its regulatory and financial hurdles.

Source: {authorlink}

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