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HK bourse agrees hefty sum for LME

Friday, June 15, 2012 - 00:43

The Hong Kong stock exchange agrees to pay 1.4 billion pounds (2.18 billion U.S. dollars) to buy the 135-year-old London Metal Exchange, the world's biggest marketplace for industrial metals, underlining the shift in manufacturing's centre of gravity to Asia.

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Established in 1877, the London Metal Exchange is - it turns out - still something of a hot commodity itself. The Hong Kong stock exchange has agreed to pay 1.4 billion pounds, or nearly 2.2 billion dollars, to buy the LME, which is the world's biggest marketplace for industrial metals. If approved by LME shareholders, it will forge a closer relationship with China, the world's biggest metals buyer. Still, the British institution would retain the practice of open outcry ring trading for some of its transactions - a tradition that dates back to city coffee houses in the early 19th century. Matt Cowan, Reuters

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HK bourse agrees hefty sum for LME

Friday, June 15, 2012 - 00:43