Hong Kong Exchange and Clearing (HKEX) said it was 'thinking big' in i...
LONDON - Hong Kong Exchange and Clearing said it was “thinking big” in its $39 billion London Stock Exchange bid as LSE CEO David Schwimmer said he was sticking with his $27 billion purchase of data and analytics company Refinitiv.
After LSE rebuffed its offer, HKEX is appealing directly to LSE shareholders and has until Oct. 9 to decide whether to go hostile. But Schwimmer said that buying Refinitiv bolsters the LSE’s position in a growing data market and broadens assets traded to include foreign exchange and fixed income.HKEX Chief Executive Charles Li said the timing for its bid for the LSE was not good, but it was a case of “now “or never” as the London bourse offered an opportunity for HKEX to become a more global company.
Li said that although HKEX’s bid for the LSE is “disruptive and unusual”, it would bring the huge Chinese market and the West together.Li and Schwimmer offered contrasting views on trends in China’s capital market.
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