19 Mar '11, 5am

SGX's A$7.3 bln bid for ASX falters on govt, regulator opposition: SYDNEY, March 19 (Reuters) - A A$7.3 billion

SYDNEY , March 19 (Reuters) - A A$7.3 billion ($7.1 billion) bid by the Singapore Exchange to take over its Australian rival is faltering as the Australian government, the regulator and a key opposition party are all set to reject it, the Sydney Morning Herald said. The Foreign Investment Review Board was unlikely to support SGX's cash and share bid for the Australian Securities Exchange but even if it did, the Treasury, whose approval is also necessary, would stop the deal, the paper quoted a senior government source as saying on Saturday. "If (the FIRB) doesn't kill it, we will," the source told the paper. In addition, the Nationals, a key party in the conservative opposition Coalition, would "ferociously" oppose the deal, Barnaby Joyce, a top party official, told the paper. The deal, first announced in October, has already been under pressure from Australian politicians...

Full article: http://sg.news.yahoo.com/sgxs-7-3-bln-bid-asx-falters-gov...

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