U.S. exchange operators NYSE Euronext (NYX) and CME Group Inc.
(CME) have submitted bids for the London Metal Exchange valuing it
at up to GBP1 billion, the Financial Times reports on its website,
citing people familiar with the matter.
LME said in September that it had received preliminary
expressions of interest from 10 potential suitors.
The FT says roughly half of the 15 or so companies that looked
at the LME's books had made an offer for the exchange in the first
round of bidding that closed Wednesday.
IntercontinentalExchange (ICE), CME's main rival and long seen
as a frontrunner for the LME, had also submitted a bid and has
hired JPMorgan as adviser, it says.
It says the LME's board will meet to consider the bids on
Thursday Feb. 23.
Full story:
http://www.ft.com/intl/cms/s/0/3a47d966-58b7-11e1-b118-00144feabdc0.html#axzz1mXYneiuB
-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320