LME shareholders approve HKEx deal

Jul 25, 2012 | 10:39 AM | Mark Burton

Tags  Hong Kong Exchanges & Clearing, HKEx, London Metal Exchange, LME, Martin Abbott, Mark Burton

LONDON — London Metal Exchange shareholders have voted overwhelmingly to sell the world’s 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 HKEx’s proposal to pay £107.60 ($161.92) in cash for each ordinary share in a sale that will create huge windfalls for the exchange’s largest shareholders.

Of the shareholders present and voting at meeting, 95.5 percent—holding 99.6 percent of the shares—voted to sell the LME to HKEx.

"I’d 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. HKEx’s 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." ....