London Securities Exchange board has rejected the Hong Kong Exchange $37 Billion takeover deal. The surprise takeover deal proposition by the Hong Kong exchange came barely a month after the LSE announced a bid to take over Refinitiv. LSE investors put more preference on the Refinitive $27 billion deal since it allows the LSE to compete as a data and analytics powerhouse.
The Hong Kong bourse takeover was meant to create an exchange powerhouse spanning Asia, Europe, and the United States. The Hong Kong exchange share price fell more than 3% on Thursday as investors raised concerns about the political and regulatory risks involved in the move to take over the LSE.
The deal faced further scrutiny beyond Britain as the LSE owns the Milan Exchange and it has a presence in the FTSE Russell Index subsidiary and London Clearing House its derivatives clearinghouse that has dominated the US dollar swap market.
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