LME shareholders approve £1.39bn HKEx deal

London Metal Exchange shareholders have voted overwhelmingly to sell the world's largest metal market to Hong Kong Exchanges and Clearing (HKEx) for £1.39 billion ($2.09 billion).

At an egm in London on Wednesday July 25, ordinary shareholders voted in favour of HKEx’s proposal to pay £107.60 ($161.92) in cash for each ordinary share, in a sale that will create huge windfalls for the exchange’s largest shareholders. Of the shareholders present and voting at the egm, 95.5%, holding 99.6% of the shares, voted to sell the LME to HKEx. "I’d like to thank the shareholders of the LME for their support in welcoming this acquisition," Charles Li, the HKEx's ceo, said. "Our shared vision for global leadership in the commodities market will allow us to respectfully build on the proud heritage of this unique institution. HKEx’s ability to help the LME grow its business in Asia and beyond provides significant opportunities...

Published

Mark Burton

July 25, 2012

10:24 GMT

London