Another blow for ASX/SGX merger

australian securities exchange ASX

image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 2 days ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

4 weeks 1 day ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week 1 day ago