London Metal Exchange rejects NYSE bid
2012-05-17 17:53:48
The London Metal exchange has rejected a takeover bid by transatlantic exchange operator NYSE Euronext, a source close to the matter told AFP on Wednesday.
NYSE made the bid for the highly-valued LME in February. An NYSE spokesman would not confirm the rejection, but told AFP: "We put in a proposal that we believed offers a fair valuation, and wish them well."
The 135-year-old LME, the world's biggest metals market by volume, is seen as a key prize amid a vast consolidation of the financial exchange industry in recent years.
Owned by the banks and brokers who use it, the London-based market reported record annual volumes in 2011 equivalent to $15.4 trillion.
In late September, the LME said it had been approached by more than 10 potential bidders.