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BillyJack

(819 posts) Sat Jun 16, 2012, 12:45 AM Jun 2012

Chinese buy London Metal Exchange in £1.4bn takeover -JP Morgan & Goldman Sachs get massive windfall

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.

The deal will pull together the LME which accounts for 80 per cent of the world's base-metal options and futures contracts with China, which accounts for 42 per cent of the world's metal consumption.

http://www.independent.co.uk/news/business/news/chinese-buy-london-metal-exchange-in-14bn-takeover-7855200.html

4 replies

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Chinese buy London Metal Exchange in £1.4bn takeover -JP Morgan & Goldman Sachs get massive windfall (Original Post) BillyJack Jun 2012 OP

Do the British people have an opinion on this? Will they recieve any benefit? freshwest Jun 2012 #1

As long as the tax position doesn't change, it doesn't seem to concern us much muriel_volestrangler Jun 2012 #3

Du rec. Nt xchrom Jun 2012 #2

So happy to hear that Jamie Dimon@JP Morgan and Goldman Sachs made another windfall.... BillyJack Jun 2012 #4

freshwest

(53,661 posts)

1. Do the British people have an opinion on this? Will they recieve any benefit?

Reply to BillyJack (Original post)

Sat Jun 16, 2012, 01:19 AM

Jun 2012

muriel_volestrangler

(101,385 posts)

3. As long as the tax position doesn't change, it doesn't seem to concern us much

Reply to freshwest (Reply #1)

Sat Jun 16, 2012, 07:42 AM

Jun 2012

It's not as if it was British-owned before (well, Raj Bagri may have British citizenship, but he is 'non-domiciled' to avoid UK tax, so screw him), let alone any form of publicly-owned entity.

xchrom

(108,903 posts)

2. Du rec. Nt

Reply to BillyJack (Original post)

Sat Jun 16, 2012, 05:55 AM

Jun 2012

BillyJack

(819 posts)

4. So happy to hear that Jamie Dimon@JP Morgan and Goldman Sachs made another windfall....