05 Apr '11, 6am

Australia's ASX says Treasurer to reject SGX merger

Australia's ASX says Treasurer to reject SGX merger

SINGAPORE: The Australian government said it is inclined to reject the Singapore Exchange's (SGX) proposed A$8.4 billion Australian dollar takeover bid for Australian stock exchange operator (ASX). According to Australia's Foreign Investment Review Board, Treasurer Wayne Swan is "disposed" to reject the proposed ASX-SGX merger on grounds that it would go against Australia's national interest. In a statement issued on Tuesday, SGX said it will build its existing business as well as pursue other strategic opportunities, including further dialogue with ASX on other forms of co-operation. The SGX added that it has been invited to provide further comments to the Foreign Investment Review Board, and will consider appropriate responses. Analysts pointed out that the political dynamics were becoming challenging for the deal, and as time passed the merger looked unlikely. They adde...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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