07 Apr '11, 11pm

DTN Singapore: Canberra blocks ASX-SGX merger: SYDNEY - Australia's Treasurer Wayne Swan officially blocked the

SYDNEY: Australian Treasurer Wayne Swan officially blocked on Friday the proposed merger of the Australian and Singapore stock exchanges, branding it a takeover that would damage national interests. "Let's be clear here: this is not a merger. It's a takeover that would see Australia's financial sector become a subsidiary to a competitor in Asia," he said. "It was a no-brainer that this deal is not in Australia's national interest." Swan said Australia's "economic and regulatory sovereignty over the ASX would be at risk" if the deal went through, making Australia's bourse a junior partner. "(This) could only be justified if there were very substantial benefits for our nation, such as greatly enhanced opportunities for Australian businesses and investors to access capital markets. "Given the size and nature of the SGX, the opportunities that were offered under the proposal w...

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

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Canberra blocks ASX-SGX merger via @cmswire

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