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The London Metal Exchange isn't yet in a position to put forward a recommendation to its members on whether or not to support a sale of the 135-year old commodities trading business, its chairman said late Monday.

Brian Bender told a reception hosted by the LME at the British Embassy in Santiago that the exchange had strict criteria that would need to be met in order for a decision to be made.

These criteria include the right price, a deal deemed to be essential for the exchange as well as one that created additional value, Bender said.

"If they meet criteria, we'll be putting the bid to the shareholders," he added.

Firm bids for the LME are due May 7, with CME Group Inc. (CME), IntercontinentalExchange Inc. (ICE), Hong Kong Exchanges and Clearing Ltd. (0388.HK) and NYSE Liffe, the London-headquartered derivatives arm of NYSE Euronext (NYX), all in the final running, people familiar with the situation told Dow Jones Newswires. The LME will then consider the offers and make its decision, with members, who are also the exchange's shareholders, to then vote on a bid if one is recommended.

"We want to ensure we have sufficient dialogue with members, so if shareholders feel they do not have information so far, we invite them to please contact us," he told the reception during the annual CESCO industry week, which was also attended by a number of the LME's members.

-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413; andrea.hotter@dowjones.com

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