03 Apr '11, 12am

Singapore $8.4b bid for ASX set to fail at three hurdles: THE bid by the Singapore stock exchange to take over t...

THE bid by the Singapore stock exchange to take over the Australian Securities Exchange is set to fail, with the Federal government highly unlikely to give its blessing and the Nationals about to start a public campaign to block the merger. The $8.4 billion bid by the government-owned Singapore Exchange Ltd needs to jump three hurdles to proceed and, as of yesterday, it was set to fall at all three. The bid is before the Foreign Investment Review Board, a section of Treasury which assesses foreign takeover proposals against the national interest. If the board recommends that the merger go ahead, the final decision rests with the Treasurer, Wayne Swan. A senior source told the Herald that the government’s disposition was to reject the merger, despite what the board recommended. ”If [the board] doesn’t kill it, we will.” The merger also requires two changes to the Corporatio...

Full article: http://www.temasekreview.com/2011/04/03/singapore-8-4b-bi...

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