Hong Kong’s stock exchange pulled a $36.6 billion bid for its London rival, a deal that would have united two major trading hubs even as both are clouded in political turmoil. The Hong Kong company had hoped a tie-up would solidify its role as a gateway for the flow of capital between mainland China and Western markets. The Hong Kong group’s bid was contingent on its London rival scrapping that transaction. The Hong Kong group could have launched a formal hostile offer, taking its proposal directly to LSE shareholders. The London Stock Exchange has been involved in a string of attempted mergers and takeovers over the past two decades.

Source: Wall Street Journal October 08, 2019 01:30 UTC