Hong Kong Exchanges bids $39-billion to take over London Stock Exchange

Hong Kong stock exchange

Hong Kong Exchanges and Clearing (HKEX) on September 11 said it plans to acquire London Stock Exchange Group (LSEG) in a deal valued at 29.6 billion pounds, which translates to around Rs 2.6 lakh crore.

LSE's shares pared earlier gains, reflecting skepticism that a deal can be done in the face of escalating tensions with China over Hong Kong and the view that the US$27 billion takeover of Refinitiv would allow LSE to push into financial data, offering a more secure future than a combination of stock exchanges.

One of the conditions of the offer from Hong Kong is that the LSE scraps its proposed £22bn deal to buy data firm Refinitiv from its current owners, which include Thomson Reuters and private equity house Blackstone.

But in its statement, the LSE said it "remains committed to and continues to make good progress" with the deal.

The move is just the latest in a string of takeover bids from overseas buyers aiming to take advantage of weakened sterling, which has made United Kingdom assets cheap for North American and Asian buyers.

"Bringing HKEX and LSEG together will redefine global capital markets for decades to come", said HKEX CEO Charles Li.

More news: Cristiano Ronaldo given standing ovation by Lithuania fans after stunning Portugal display

The London Stock Exchange has been targeted with a shock £31.6billion takeover bid by its Hong Kong rival.

"Shareholders won't be rushed to make a decision as we like the Refinitiv deal, he added". "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.

"The proposal is a fascinating prospect but far from a done deal", Hunter said.

Shares in LSE, which were trading more than 17 percent higher in reaction to the news at 0834 GMT, were trading 4.5 percent higher at 1010 GMT.

The Hong Kong approach is the latest global attempt to acquire the LSE - Germany's Deutsche Boerse has failed three times in recent years, hitting opposition from politicians and regulators.

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