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London Stock Exchange Group

639 bytes added, 13 January
/* LSE Moves to Acquire Refinitiv And Gets A Bid From HKEX */
===LSE Moves to Acquire Refinitiv And Gets A Bid From HKEX===
On August 1, 2019, it was confirmed that the London Stock Exchange Group had moved to acquire [[Refinitiv]], Bloomberg's biggest a major competitor in desktop terminals, for about $27 billion. The all-share deal would expand could transform the LSE's information services business, more than tripling its revenues to £7bn.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2019-07-29/lse-soars-as-investors-bet-27-billion-bid-will-transform-bourse?srnd=premium-europe|name=LSE Soars on Bet $27 Billion Refinitiv Bid Will Boost Bourse|org=Bloomberg|date=July 29, 2019}}</ref><ref>{{cite web|url=https://www.reuters.com/article/us-refinitiv-m-a-lse/lse-refinitiv-deal-faces-long-antitrust-review-sources-idUSKCN1UN0O4|name=LSE-Refinitiv deal faces long antitrust review: sources|org=Reuters|date=July 29, 2019}}</ref>
The LSE said it would pay for Refinitiv by issuing $14.5 billion in new shares and would take on $12.5bn of existing debt. It will also gain Refinitiv’s majority stake in the listed bond trading platform [[Tradeweb]] and ownership of the currency trading platform [[FXall]]. However, LSE must go through a lengthy antitrust process in which regulators will investigate whether its cumulative data offerings give it pricing power over customers.<ref>{{cite web|url=https://www.ft.com/content/54c886d8-b420-11e9-8cb2-799a3a8cf37b|name=London Stock Exchange clinches acquisition of Refinitiv for $27bn|org=The Financial Times|date=August 2, 2019}}</ref>
The deal was put into question in September 2019, when [[Hong Kong Exchanges & Clearing]] made an offer for the London Stock Exchange Group for $36.6 billion. The proposed deal offered 2,045 pence plus 2.495 HKEX shares per LSE share, valuing each LSE share at 8,361 pence. It also would have ended the LSE's bid for [[Refinitiv]]. The LSE board unanimously rejected the offer, citing "fundamental flaws." HKEX dropped its bid in October 2019, after failing to secure support from LSE shareholders. Several factors in the failed overture included the LSE's view that Shanghai, not Hong Kong, will the be the long-term financial capital of China; concerns over a Chinese exchange having ownership of the UK's flagship stock exchange group; and worries over social unrest in Hong Kong that has damaged the territory's reputation.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2019-09-11/hong-kong-exchange-makes-surprise-36-6-billion-bid-for-lse|name=Hong Kong Exchange Makes Unsolicited $36.6 Billion Bid for LSE|org=Bloomberg|date=September 11, 2019}}</ref><ref>{{cite web|url=https://www.cnbc.com/2019/09/13/london-stock-exchange-rejects-hong-kong-takeover-bid.html|name=London Stock Exchange rejects Hong Kong takeover offer|org=CNBC|date=September 13, 2019}}</ref><ref>{{cite web|url=https://www.thetradenews.com/hkex-drops-pursuit-london-stock-exchange/|name=HKEX drops pursuit of London Stock Exchange|org=The Trade|date=October 8, 2019}}</ref><ref>{{cite web|url=https://www.wsj.com/articles/hong-kong-exchanges-drops-bid-for-london-rival-11570498033?mod=hp_lead_pos2|name= Hong Kong Stock Exchange Drops Nearly $37 Billion Bid for London Rival|org=The Wall Street Journal|date=October 8, 2019}}</ref>
 
In January 2020, the Financial Times reported that LSE was set to file its $27bn deal to buy Refinitiv with EU antitrust authorities within weeks after lengthy discussions with Brussels. The two sides were still working on defining what constitutes "the market" against which the deal can be assessed. The companies have not yet formally notified Brussels of the deal so it can examine it for potential competition issues.<ref>{{cite web|url=https://www.ft.com/content/ed625812-33c1-11ea-9703-eea0cae3f0de|name=LSE set to send $27bn Refinitiv tie-up to EU regulators|org=The Financial Times|date=January 13, 2019}}</ref>
== Key People ==