Hong Kong drops LSE bid

The bid was dependent on the axing of the London exchange's proposed Refinitiv takeover.

The LSE had rejected the offer before it was pulled saying it fell "substantially short" of an appropriate valuation and there was "no merit in further engagement".

In a statement, the Hong Kong Exchange said: "The board of HKEX continues to believe that a combination of LSEG and HKEX is strategically compelling and would create a world-leading market infrastructure group."

"The board of HKEX is disappointed that it has been unable to engage with the management of LSEG in realising this vision, and as a consequence has decided it is not in the best interests of HKEX shareholders to pursue this proposal."

Under UK rules, the HKEX is not allowed to make another bid for at least six months.

The HKEX now joins Germany's Deutsche Boerse, which has made three failed attempts to purchase the LSE.

Read more: HKEXLSELSEGHong Kong Stock ExchangeLondon Stock ExchangeDeutsche BoerseRefinitiv
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