Sun, April 21, 2024

Stock markets on Wednesday

Stock market update

The Hong Kong Stock Exchange is the third-largest stock exchange in Asia. Also, the Hong Kong Stock Exchange is the fifth-biggest stock exchange in the world.

Another interesting fact is that the Hong Kong Stock Exchange dates back to the 19th century. The Hang Seng Index is the index is used to monitor the overall market performance in Hong Kong.

A possible deal between Hong Kong and London stock exchangesLondon stock Exchange news

On Wednesday, the owner of the stock, which is Hong Kong Exchanges and Clearing Limited (HKEX) made a statement regarding a possible deal. The HKEX announced that it made an official offer to buy the London Stock Exchange.

It is worth mentioning that the government of Hong Kong is the largest shareholder in HKEX. The government can appoint the six directors of the board. There are 13 members at the board of directors.

HKEX is going to combine the two companies. The price of the deal is $36 billion. The CEO of HKEX Charles Li sated this deal will be beneficial for everyone.

According to HKEX, the combined value of these two stock exchanges will be $70 billion The Hong Kong Stock Exchange offered to pay 8,361 pence per London Stock Exchange Group (LSEG) share.

The owner of the Hong Kong Stock Exchange is ready to pay a 23% premium for LSEG shares. HKEX is going to pay with cash as well as shares. HKEX will pay 2.497 pence newly issued HKEX shares as well as 2,045 pence in cash for each LSEG share. The total value will reach $36.6 billion.

The London Stock Exchange Group which owns the London Stock Exchange made a comment about the possible deal. The LSEG said it would consider this proposal and will release its response.

By acquiring the London Stock Exchange, this will be a serious success for the Hong Kong Exchanges and Clearing Limited.

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