AsianInvesterAsianInvester
Advertisement

SGX poised to launch ASX takeover bid

The Singapore Exchange is expected to make a full takeover bid for the Australian Securities Exchange today.

The Singapore Exchange is reportedly ready to make a full takeover bid for the Australian Securities Exchange today after the stocks of both companies went into a trading halt, according to The Australian newspaper.

SGX has a market value of around S$10 billion ($7.8 billion), as against $6.2 billion for the ASX.

According to the report, final details are still being worked out, but it is likely SGX will provide the chairman and chief executive, with ASX chair David Gonski likely to be deputy chair.

A well-placed source tells AsianInvestor that the report in The Australian is accurate.           

The development comes after the ASX said last month that it was seeking global merger partners.

UBS is said to be acting for ASX in the talks, with Morgan Stanley acting on behalf of SGX. Spokespeople for both banks declined to comment on the matter.

Neither the ASX nor the SGX could be reached immediately for comment.

¬ Haymarket Media Limited. All rights reserved.
Advertisement