Share Name Share Symbol Market Type Share ISIN Share Description
London Stock Exchange Group Plc LSE:LSE London Ordinary Share GB00B0SWJX34 ORD SHS 6 79/86P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -110.00p -1.46% 7,404.00p 7,372.00p 7,380.00p 7,434.00p 7,274.00p 7,434.00p 1,155,292 16:35:15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 1,911.0 685.0 138.3 53.5 25,775

London Stock Exchange Rejects Bid From Rival Hong Kong Exchange -- Update

13/09/2019 2:09pm

Dow Jones News


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By Margot Patrick 

LONDON -- London Stock Exchange Group PLC on Friday rejected a $36.6 billion bid from Hong Kong Exchanges and Clearing Ltd., saying it had "fundamental concerns" about the price and Hong Kong's long-term future as a financial gateway.

The U.K. operator said it remains committed to buying financial-information and terminal company Refinitiv Holdings Ltd., a $14.5 billion deal it struck in July that would have been scrapped if the Hong Kong exchange succeeded in its bid.

Shares in LSE were about 2% higher after the rejection, having already risen almost 6% on Wednesday after HKEX announced its offer.

The bid surprised investors. A successful tie-up looked like a long shot to many analysts because of regulatory and political hoops. Hong Kong is reeling from a summer of antigovernment protests that have raised concerns about China's tightening grip on the financial center.

In a letter to the Hong Kong exchange issued publicly, LSE Chairman Don Robert said the proposal didn't meet LSE's strategic objectives and has "serious deliverability risk."

He said LSE's board doesn't believe HKEX is the best partner for its long-term positioning in Asia, and said the Shanghai Stock Exchange, which it has business agreements with, is its preferred channel to access opportunities with China.

"There is no doubt that your unusual board structure and your relationship with the Hong Kong government will complicate matters," Mr. Robert said.

Write to Margot Patrick at margot.patrick@wsj.com

 

(END) Dow Jones Newswires

September 13, 2019 08:54 ET (12:54 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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