HONG KONG: The Singapore Stock Exchange Ltd is tying up with London's main bourse to make a joint bid for the London Metal Exchange, a source with direct knowledge of the matter told Reuters on Friday, as the world's largest metal market seeks a suitor in a deal that could be worth 1 billion pounds.
The consortium has appointed a bank to advise it on the bid, the source added, with the auction expected to attract rival offers.
The LME, the world's biggest market for industrial metals, said last week that it was considering a sale, with an expected price tag of around 1 billion pounds ($1.57 billion). The number of suitors for the exchange has risen to double digits, Chief Executive Martin Abbott told Reuters on Thursday.
SGX declined to comment. Calls and an email to the London Stock Exchange's media hotline were not immediately answered.
The source declined be named as the discussions were confidential. ' Reuters
The consortium has appointed a bank to advise it on the bid, the source added, with the auction expected to attract rival offers.
The LME, the world's biggest market for industrial metals, said last week that it was considering a sale, with an expected price tag of around 1 billion pounds ($1.57 billion). The number of suitors for the exchange has risen to double digits, Chief Executive Martin Abbott told Reuters on Thursday.
SGX declined to comment. Calls and an email to the London Stock Exchange's media hotline were not immediately answered.
The source declined be named as the discussions were confidential. ' Reuters
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