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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsChinese buy London Metal Exchange in £1.4bn takeover -JP Morgan & Goldman Sachs get massive windfall
One of Britain's last great independent financial markets has agreed to sell itself to China.
The 137-year-old London Metal Exchange has agreed a £1.4bn takeover from Hong Kong Exchanges and Clearing (HKEx) after a nine-month auction process which saw bids from InterContinental Exchange, CME Group and NYSE Nasdaq.
The deal will mean massive windfalls for the LME's largest shareholders, JP Morgan, Goldman Sachs and Metdist, the metal brokerage owned by the LME's former chairman Raj Bagri's family.
The deal will pull together the LME which accounts for 80 per cent of the world's base-metal options and futures contracts with China, which accounts for 42 per cent of the world's metal consumption.
http://www.independent.co.uk/news/business/news/chinese-buy-london-metal-exchange-in-14bn-takeover-7855200.html
freshwest
(53,661 posts)muriel_volestrangler
(101,424 posts)It's not as if it was British-owned before (well, Raj Bagri may have British citizenship, but he is 'non-domiciled' to avoid UK tax, so screw him), let alone any form of publicly-owned entity.
xchrom
(108,903 posts)BillyJack
(819 posts)Yeah! Our pensions are saved!!! right? Buehler? Where's Buehler?