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Photo: Vernon Yuen/NurPhoto via Getty Images

Hong Kong Exchanges and Clearing pulled a $39 billion takeover offer for the London Stock Exchange, following opposition from LSE's board and an inability to secure large shareholder support.

Why it matters: LSE opposition was officially driven by strategic and pricing concerns, but cannot be divorced from concerns over the future viability of Hong Kong's "one country, two systems" relationship with China.

  • LSE plans to move forward with its $27 billion purchase of financial data company Refinitiv from The Blackstone Group and Thomson Reuters. HK Exchanges had made its offer contingent on LSE dropping the Refinitiv deal.

The bottom line: "Exchange companies have tried and failed to combine in recent years, as political, regulatory and economic considerations have foiled the efforts." — Bloomberg

Go deeper

Biden explains justification for Syria strike in letter to Congress

Photo: Chris Kleponis/CNP/Bloomberg via Getty Images

President Biden told congressional leadership in a letter Saturday that this week's airstrike against facilities in Syria linked to Iranian-backed militia groups was consistent with the U.S. right to self-defense.

Why it matters: Some Democrats, including Sens. Tim Kaine (D-Va.) and Chris Murphy (D-Conn.) and Rep. Ro Khanna (D-Calif.), have criticized the Biden administration for the strike and demanded a briefing.

4 hours ago - Health

FDA authorizes Johnson & Johnson's one-shot COVID-19 vaccine for emergency use

Photo: Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration on Saturday issued an emergency use authorization for Johnson & Johnson's one-shot coronavirus vaccine.

Why it matters: The authorization of a third coronavirus vaccine in the U.S. will help speed up the vaccine rollout across the country, especially since the J&J shot only requires one dose as opposed to Moderna and Pfizer-BioNTech's two-shot vaccines.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios