LME Chairman: Members Need Compelling Reason To Sell -Document
17 Maggio 2012 - 2:10PM
Dow Jones News
Shareholders in the London Metal Exchange, who are also its
members, need to be shown a compelling reason to sell the 135-year
old business to any of the remaining bidders, according to a
document seen by Dow Jones Newswires Thursday.
The chairman of the LME, which is currently evaluating proposals
from three other exchanges, said the Exchange doesn't need to be
sold but that it had a duty to its shareholders to value the
company competitively once it received an approach last year.
"Throughout the process the LME has made clear its view that the
Exchange doesn't need to be sold, and that bidders will have to
show compelling reason for a transaction if they are to convince
shareholders that a sale is a good idea," Brian Bender said in a
statement in the LME's 2011 accounts.
CME Group Inc. (CME), IntercontinentalExchange Inc. (ICE) and
Hong Kong Exchanges and Clearing Ltd. (0388.HK) are the last three
bidders in the running to buy the LME, the world's biggest metals
trading exchange.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413;
andrea.hotter@dowjones.com
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