Hong Kong exchange’s pulled offer for the LSE highlights the difficulties of crossborder deals between trading venues
London Stock Exchange Group PLC’s dismissal of the Hong Kong exchange’s almost $37 billion takeover attempt underscores the challenges global exchanges face trying to complete cross-border deals amid geopolitical upheaval.
Hong Kong Exchanges & Clearing Ltd. made its audacious move in September on its London-based rival, betting the deal would solidify its role as a gateway for the flow of capital between mainland China and Western markets. But it came less than two months after the LSE and its recently appointed Chief Executive David Schwimmer agreed to acquire Refinitiv Holdings Ltd. for $14.5 billion, with the intention of becoming a fully fledged financial data provider.
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