LONDON (Nov 8): Singapore Exchange has completed its takeover of the privately-owned Baltic Exchange, sealing an 87 million pound (US$108 million) deal for one of London's oldest institutions, the groups said on Tuesday. SGX's offer also comes as the global shipping industry is struggling with its deepest downturn. The deal received UK regulatory approval last month after Baltic shareholders unanimously approved the takeover on Sept 26. Shareholders will separately receive 19.30 pounds per share from the Baltic as a final dividend, giving the business a total valuation of about 87 million pounds. Founded in 1744 as a forum for chartering vessels, the Baltic Exchange now produces benchmark indexes for global shipping rates and owns a trading platform for the freight derivatives market.

Source: The Edge Markets November 08, 2016 13:10 UTC