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FSA approves LME acquisition by HKEx

Fri, 30/11/2012 - 06:17

The Financial Services Authority has granted approval for the acquisition of LME Holdings by Hong Kong Exchanges and Clearing (HKEx).

The proposed takeover, which was first announced in June and approved by LME Holdings shareholders in July, will see HKEx Investment, a wholly-owned subsidiary of HKEx, acquire LME Holdings in a deal valued at over GBP1.38bn.

The FSA has now given notice in writing under section 301G(3) of the Financial Services and Markets Act 2000 of its approval “such that condition 1(a) contained in Part III of the scheme document relating to the Transaction dated 9 July 2012 (the "Scheme Document") has been satisfied”.

If conditions are satisfied, the transaction is expected to become effective on or around 6 December 2012. If the scheme has not become unconditional and effective by the longstop date, the scheme will lapse and the framework agreement may be terminated, in which case the acquisition will not proceed.

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