This archive report was first published on 13 September 2019.
On September 11, 2019, the Hong Kong Exchange made a surprise $36.6 billion bid for the London Securities Exchange (LSE). However, the LSE board rejected the offer, citing investor preference for the Refinitiv acquisition announced just a month prior.
The Refinitiv deal, worth $27 billion, would allow the LSE to compete as a data and analytics powerhouse, a key factor in the board's decision.
The Hong Kong Exchange's takeover bid aimed to create a global exchange powerhouse spanning Asia, Europe, and the United States. However, the deal faced scrutiny due to the LSE's presence in the Milan Exchange, FTSE Russell Index subsidiary, and London Clearing House, which dominates the US dollar swap market.
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