StockMarketWire.com - Hong Kong Stock Exchange said it had made a £31.6bn takeover bid for London Stock Exchange.

Shareholders in the UK bourse operator would be offered 2,045p in cash plus 2.495 new Hong Kong Stock Exchange shares.

The proposed transaction implied a value for each London Stock Exchange share of about 8,361p, based on the HK$245.20 closing price of Hong Kong Stock Exchange shares on Tuesday.

Hong Kong Stock Exchange chairman Laura Cha said the proposed combination represented a 'highly compelling strategic opportunity to create a global market infrastructure group, bringing together the largest and most significant financial centres in Asia and Europe'.

At 9:58am: [LON:LSE] London Stock Exchange Group PLC share price was +655p at 7459p



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