LME shareholders approve HKEx deal
Jul 25, 2012 | 10:39 AM
| Mark Burton
LONDON London Metal Exchange shareholders have voted overwhelmingly to sell the worlds largest metal market to Hong Kong Exchanges & Clearing Ltd. (HKEx) for £1.39 billion ($2.09 billion).
At an extraordinary general meeting in London Wednesday, ordinary shareholders voted in favor of HKExs proposal to pay £107.60 ($161.92) in cash for each ordinary share in a sale that will create huge windfalls for the exchanges largest shareholders.
Of the shareholders present and voting at meeting, 95.5 percentholding 99.6 percent of the sharesvoted to sell the LME to HKEx.
"Id like to thank the shareholders of the LME for their support in welcoming this acquisition," said HKEx chief executive officer Charles Li. "Our shared vision for global leadership in the commodities market will allow us to respectfully build on the proud heritage of this unique institution. HKExs ability to help the LME grow its business in Asia and beyond provides significant opportunities for both parties and will deliver value for all of our stakeholders." ....
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