08 Apr '11, 12am

Canberra blocks ASX-SGX merger via @cmswire

Canberra blocks ASX-SGX merger via @cmswire

Australia's Treasurer Wayne Swan (above) officially blocked the proposed merger of the Australian and Singapore stock exchanges on national interest grounds on Friday. -- PHOTO: AFP SYDNEY - AUSTRALIA'S Treasurer Wayne Swan officially blocked the proposed merger of the Australian and Singapore stock exchanges on national interest grounds on Friday. 'After long and careful deliberations, I have today made an order under the Foreign Acquisitions and Takeovers Act 1975 prohibiting the acquisition of ASX Limited by Singapore Exchange Limited,' he said. The ASX and Singapore Exchange Limited announced plans last October to create one of the world's largest and most diversified financial trading hubs. But the proposal hit hurdles in Australia. 'I have considered the proposal as it stands and changes that might be made to it, and whether such changes would reliably and durably ad...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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