Hong Kong Exchanges and Clearing made a surprise $39 billion takeover ...
Some analysts saw the Hong Kong takeover approach as a defensive move to scupper the Refinitiv deal announced in August - aimed at transforming the LSE into a market data and analytics giant - and prevent the London exchange becoming a bigger rival.
The UK Treasury described the LSE as a “critically important part” of the British financial system. “As you would expect, the government and the regulators will be looking at the details closely,” a spokesman said. HKEX, which already has a base in London as owner of the London Metal Exchange, said it had played a key role in underpinning the City of London’s position as a pre-eminent global center for metals trading.
A successful Hong Kong bid for the LSE would end Blackstone’s lucrative deal to sell Refinitiv. It would also scupper plans to refinance some $13.5 billion worth of leveraged loans and bonds which were issued to pay for Refinitiv with investment grade bonds issued by the LSE.
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