The UK Financial Services Authority (FSA) has given the green light for Hong Kong Exchanges and Clearing (HKEx) to acquire the London Metal Exchange (LME).
The move is a substantial step towards completion of the acquisition, which has been met by support from many in the industry. HKEx will purchase the entire issued ordinary share capital of LME through its subsidiary, HKEx Investment.
The High Court of England and Wales has yet to approve the scheme of arrangement for the acquisition, which involves a capital reduction. If approved, this is expected to be in effect by December 6 2012. The deal is worth roughly $2.2 billion.
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