Hong Kong Exchanges and Clearing (0388.HK) has made an unsolicited $39 billion takeover approach for the London Stock Exchange (LSE.L), a proposal contingent on the LSE ditching its acquisition of data company Refinitiv.
The move comes at a time of political turmoil in both Hong Kong and London and is aimed at creating a global trading power better able to compete with U.S. rivals such as ICE (ICE.N) and CME.
The proposed 31.6 billion pounds cash-and-share transaction would only go ahead if the LSE’s takeover of Refinitiv does not proceed, HKEX said. Some analysts saw the Hong Kong offer as a defensive move to scupper the Refinitiv deal and prevent the London exchange becoming a bigger rival like CME and ICE.
Could get interesting. How long do they have to put it to shareholders?