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Another step for Chinese Control of Industrial commodities




Hong Kong Wins Battle for LME



By NISHA GOPALAN

HONG KONG—Hong Kong Exchanges & Clearing Ltd. 0388.HK +2.65% said Friday it entered into a deal to buy the London Metal Exchange for £1.39 billion (US$2.16 billion), giving the city's stock exchange instant entry into commodities trading amid China's growing appetite for metals.

It muscled out shortlisted IntercontinentalExchange Inc. ICE +4.67% as the allure of China swung the balance. But the deal still awaits approval from the U.K.'s Financial Services Authority and shareholders representing at least 75% of LME's ordinary shares.

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hklme0615
hklme0615
Reuters

Hong Kong Exchanges and Clearing Ltd CEO Charles Li at a news conference in Hong Kong to announce the purchase of the London Metal Exchange.




"It allows us to offer products beyond traditional equities derivatives trading, to currencies, fixed income and commodities. It will bring all-round development for the exchange.""The deal could immediately prop up HKEx to become one of the major global metals and commodities exchanges," Hong Kong Exchanges Chief Executive Charles Li said.


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