Hong Kong Exchanges proposes $39 billion London Stock Exchange takeover By Reuters

© Reuters. FILE PHOTO: The name of Hong Kong Exchanges and Clearing Limited is displayed at the entrance in Hong Kong

LONDON (Reuters) – The Hong Kong Exchanges and Clearing Limited has proposed a 31.6 billion pound ($39 billion) takeover of the London Stock Exchange (L:), it said on Wednesday, just weeks after the London bourse announced a plan to merge with data company Refinitiv.

“The board of HKEX believes a proposed combination with LSEG represents a highly compelling strategic opportunity to create a global market infrastructure leader,” the Hong Kong exchange said in a statement.

The proposed transaction would only go ahead if the LSE’s proposed takeover of Refinitiv does not proceed, it said.

Hong Kong Exchanges already has a base in London as owner of the London Metal Exchange. The LSE has long sought to bolster its footprint in Asia and recently launched a link with Shanghai.

The LSE had no immediate comment. Refinitiv had no comment, and Refinitiv majority shareholder Blackstone (N:) had no immediate comment.

“The board of HKEX believes that the two businesses are highly complementary and as such, looks forward to working with the relevant authorities to deliver a clear path to completion,” the HKEX said.

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