Another blow for ASX/SGX merger
The proposed merger of the Australian Securities Exchange (ASX) and its Singapore counterpart looks unlikely, after the Federal Treasurer Wayne Swan (pictured) yesterday said he believed it was not in the national interest.
The Foreign Investment Review Board (FIRB) notified the Singapore Exchange (SGX) that Swan was inclined to reject the $8 billion offer, but that both parties still had the opportunity to respond.
Swan said a final decision had not been made, and that he was “still open to further representations or information from the parties”.
But he added that he had serious concerns about the proposal, and that subject to further consideration, he intended to accept the FIRB’s advice that the takeover would not be in the national interest.
The ASX stated that if the merger were rejected, it would continue dialogue with SGX about other forms of combination and cooperation.
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