08 Apr '11, 1am

Australia officially kills SGX bid for ASX

SYDNEY - Australia's Treasurer and acting Prime Minister Wayne Swan this morning officially announced that the government has rejected Singapore Exchange's (SGX) bid for bourse operator ASX (ASX), a takeover which would have created one of Asia's leading stock markets. "It was a no-brainer that this deal was not in Australia's national interest," Mr Swan told reporters today in Canberra, three days after the nation's Foreign Investment Review Board advised the government to reject it on national-interest grounds. SGX offered to buy ASX on Oct 25 in a cash-and-share deal then valued at A$8.4 billion (S$11 billion), a 42-per-cent premium to ASX's share price, in a bid that ran into strong political opposition. In February, Singapore Exchange offered to give more board seats to Australians in a concession aimed at overcoming opposition from lawmakers in Canberra. Added Mr Swa...

Full article: http://www.todayonline.com/Hotnews/EDC110408-0000564/SGX-...

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