Hong Kong Exchanges and Clearing has abandoned its £32bn offer for the London Stock Exchange Group, ending its attempt to create a global capital markets operator and break up the LSE’s rival deal for Refinitiv.
The Hong Kong bourse said on Tuesday that it was “disappointed” it had not convinced the LSE’s management over its plans, which it submitted a month ago.
Its cash-and-shares offer amounting to £83.61 per share was based on the LSE giving up its agreed deal to buy Refinitiv, the data and trading group, for $27bn. However, the LSE flatly rejected its rival and its shareholders were unmoved by a three-week charm offensive Hong Kong launched to persuade them.
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