Hong Kong Stock Exchange Bids For London Rival

Fahad Shabbir (@FahadShabbir) Published September 11, 2019 | 04:48 PM

The Hong Kong Stock Exchange on Wednesday bid almost 32 billion for its London rival to bring together the largest financial hubs in Asia and Europe, it said Wednesday

London, (UrduPoint / Pakistan Point News - 11th Sep, 2019 ) :The Hong Kong Stock Exchange on Wednesday bid almost 32 billion for its London rival to bring together the largest financial hubs in Asia and Europe, it said Wednesday.

The blockbuster proposal including debt, worth $40 billion or 36 billion Euros, is dependent on the London Stock Exchange Group (LSEG) scrapping a proposed $27-billion takeover of US financial data provider Refinitiv.

In reaction, LSEG said it would "consider the proposal" but stressed that it "remains committed" to buying Refinitiv.

The surprise news sent LSE shares surging 6.3 percent to about �72, but far below the offer price of more than �83 per share.

London's benchmark FTSE 100 index was up 0.9 percent overall in late morning deals.

"Hong Kong Exchanges and Clearing Limited (HKEX) today announces that it has made a proposal to the board of LSEG to combine the two companies," it said in a statement.

The cash-and-shares is worth �31.6 billion including �2.0 billion of debt, HKEX added.