LME OKs Hong Kong Exchange’s bid

Jun 15, 2012 | 07:10 AM |

Tags  Hong Kong Exchanges & Clearing, HKEx, London Metal Exchange, LME, InterContinental Exchange, ICE, Charles Li, Martin Abbott Michael Lion

SINGAPORE — Hong Kong Exchanges & Clearing Ltd. (HKEx) has trumped InterContinental Exchange Inc. (ICE) after the London Metal Exchange’s board approved its £1.38 billion ($2.14 billion) bid for the exchange.

The announcement ends weeks of speculation as to which of the two would prevail in their bids to take over the world’s largest metal exchange.

Under the terms of the deal, HKEx will buy LME’s outstanding shares for £107.60 each, HKEx said.

"HKEx brings a unique ability to help the LME grow its business in Asia and particularly China, and we will capitalize on this to deliver value for all our stakeholders," Charles Li, HKEx chief executive officer, said in a statement Friday.

The deal still has to be approved by the U.K. courts, a process expected to take about two weeks, before it is put to LME shareholders at an extraordinary general meeting. This looks likely to be held by the end of July, with the aim of concluding the deal before the London Olympics begin.....

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