LME Shareholders to Vote on Proposed Hong Kong Sale July 25
09 Luglio 2012 - 11:24AM
Dow Jones News
By Andrea Hotter
Shareholders in the London Metal Exchange will vote on the
proposed sale of the 135-year-old exchange to Hong Kong Exchanges
and Clearing Ltd. (0388.HK) on July 25, the LME said Monday.
The bid is an all-cash offer worth 1.388 billion pounds, ($2,150
billion) equivalent to GBP107.6 a share, a huge premium to the
GBP41.92 a share currently. If shareholders vote in favor, the deal
is slated to complete in the fourth quarter.
Hong Kong Exchanges will need to convince LME members, who are
also its shareholders, to sell their shares. A sale isn't
guaranteed and the approval threshold is high, with 75% of shares
and 50% of members needed to back the deal for it to go ahead.
Write to Andrea Hotter at andrea.hotter@wsj.com
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