Hong Kong Exchanges: Studying Possible Investment In London Metal Exchange
April 30 2012 - 5:28AM
Dow Jones News
Hong Kong Exchanges and Clearing Ltd. (0388.HK) confirmed Monday
it is studying a possible investment in the London Metal
Exchange.
The bourse operator said the board will explore and evaluate
appropriate available sources of funds if it needs additional
financing for an investment.
The comment comes after media reports said Hong Kong Exchanges
is possibly interested in buying the 135-year old commodities
exchange.
Hong Kong Exchanges didn't further elaborate, but it said it
will update the market when required in accordance with listing
rules.
Firm bids for the LME are due May 7, with CME Group Inc. (CME),
IntercontinentalExchange Inc. (ICE), Hong Kong Exchanges and
Clearing Ltd. (0388.HK) and NYSE Liffe, the London-headquartered
derivatives arm of NYSE Euronext (NYX), all in the final running,
people familiar with the situation told Dow Jones Newswires earlier
this month. The LME will then consider the offers and make its
decision, with members, who are also the exchange's shareholders,
to then vote on a bid if one is recommended.
-By Yvonne Lee, Dow Jones Newswires; 852-2802-7002;
yvonne.lee@dowjones.com