FiNETIK – Asia and Latin America – Market News Network

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SGX in ASX takeover talks – report

The Singapore Exchange (SGX) is set to make a takeover offer for the Australian Securities Exchange (ASX), according to local press reports.

Trading in the shares of both bourses was suspended today as ASX issued a statement saying: “A party has recently re-activated confidential discussions with ASX concerning a possible business combination

It is in the process of hammering out the details of a possible deal with its larger Singapore contemporary, according to the Australian newspaper.

The speculation comes weeks after the ASX confirmed it was in talks with other operators about “possible business combinations” saying that none of the talks with the unnamed parties “have resulted in a proposal”.

The Australian government recently stripped ASX of responsibility for supervising real-time trading on markets, effectively ending its monopoly. It is set to face competition from electronic trading platform operator Chi-X from next year, with other players expected to follow.

Source: Finextra, 22.10.2010

Filed under: Australia, Exchanges, Singapore, , ,

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