Sep 13, 2019

London Stock Exchange rejects takeover bid from Hong Kong's stock exchange

The main entrance of the London Stock Exchange. Photo: Chris J Ratcliffe/Getty Images

The London Stock Exchange this morning rejected a proposed $39 billion takeover by Hong Kong Exchanges and Clearing, saying that it instead plans to proceed with its own $27 billion acquisition of financial data firm Refnitiv.

Why it matters: We suggested this one could face political headwinds, and it appears that LSE's board felt the same, per the mention in its rejection letter of how HKEX's government relationships could "complicate matters." LSE also told HKEX not to bother with a follow-up offer, writing: "The board unanimously rejects the conditional proposal and, given its fundamental flaws, sees no merit in further engagement."

Go deeper: How Brexit and Hong Kong could influence the Saudi Aramco IPO

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Hong Kong's stock exchange pulls takeover offer for London Stock Exchange

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.

Go deeperArrowOct 8, 2019

Hong Kong police fire tear gas on protesters ahead of China anniversary

Thousands of people hold an unsanctioned march through the streets of Hong Kong on Sunday. Photo: Mohd Rasfan/Getty Images

Hong Kong police fired tear gas, water cannon and blue-dyed liquid on protesters taking part in a massive, unsanctioned march against totalitarianism during a violent weekend of clashes with authorities, Bloomberg reports.

Go deeperArrowUpdated Sep 29, 2019

Senate's Hong Kong human rights bill edges closer to passage

Protesters occupy the arrival hall of the Hong Kong International Airport. Photo: Anthony Kwan/Getty Images

The Senate Foreign Relations Committee will debate and vote on a bipartisan bill on Wednesday aimed at supporting human rights in Hong Kong, with measures that include giving the U.S. more authority to defend the region's autonomy and sanction individuals who attempt to undermine it.

Why it matters: The bill has emerged as the leading mechanism proposed by Congress for the U.S. to deter Beijing from escalating its aggression in Hong Kong.

Go deeperArrowSep 23, 2019