StockMarketWire.com - Hong Kong Exchanges and Clearing dropped its £32bn offer for the London Stock Exchange after failing to convince the latter's management to back the deal.

'The board of HKEX continues to believe that a combination of LSEG and HKEX is strategically compelling and would create a world-leading market infrastructure group,' the bourse operator said.

Under market rules, the HKEX had until 9 October to make a binding offer for LSE.