Jun 16

Chinese buy London Metal Exchange in £1.4bn takeover (Independent, June 16, 2012):

One of Britain’s last great independent financial markets has agreed to sell itself to China.

The 137-year-old London Metal Exchange has agreed a £1.4bn takeover from Hong Kong Exchanges and Clearing (HKEx) after a nine-month auction process which saw bids from InterContinental Exchange, CME Group and NYSE Nasdaq.

The deal will mean massive windfalls for the LME’s largest shareholders, JP Morgan, Goldman Sachs and Metdist, the metal brokerage owned by the LME’s former chairman Raj Bagri’s family.

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