File photo: CGTN
HONG KONG, Sept. 11 (Xinhua) -- Hong Kong Exchanges and Clearing Limited (HKEX) said on Wednesday it has made a proposal to the Board of London Stock Exchange Group Plc (LSEG) to combine the two companies.
The proposed transaction values the LSEG at about 29.6 billion pounds (36.6 billion U.S. dollars), according to a statement by the HKEX.
In explaining the rationale for the proposed transaction, HKEX said that the proposed combination would "strengthen both businesses, better position them to innovate across markets and geographies, and offer market participants and investors unprecedented global market connectivity."
"We believe a combination of HKEX and LSEG represents a highly compelling strategic opportunity to create a global market infrastructure group, bringing together the largest and most significant financial centres in Asia and Europe," Chairman of HKEX Laura Cha said in a statement.
Chief Executive of HKEX Charles Li said in a statement that the proposed combination will redefine global capital markets for decades to come.
"A combined group will be strongly placed to benefit from the dynamic and evolving macroeconomic landscape, whilst enhancing the long-term resilience and relevance of London and Hong Kong as global financial centers," Li said.
