November 16, 2012 / 10:15 AM / 5 years ago

LME still expects sale to be approved before end of year

LONDON (Reuters) - The London Metal Exchange still expects its $2.2 billion sale to the Hong Kong stock exchange to be approved before the end of this year, LME Chief Executive Martin Abbott said on Friday.

Abbott said the deal was awaiting approval by Britain’s Financial Services Authority. “We have every reason to believe everything will be smooth and it’s very likely the transaction will close by the end of the year,” Abbott told a news conference.

The LME has been acquired by Hong Kong Exchanges and Clearing (0388.HK).

Reporting by Maytaal Angel and Silvia Antonioli

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