October 8, 2019 / 6:53 AM / 12 days ago

Timeline: LSE - A story of failed mega-mergers

(Reuters) - Hong Kong Exchanges and Clearing (0388.HK) (HKEX) has scrapped its unsolicited $39 billion approach for London Stock Exchange Group (LSE.L) after failing to convince LSE management to back a move that would have transformed both financial services giants.

FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo

HKEX’s offer was the latest attempt at an exchange mega-merger after multiple failures between the LSE and Deutsche Boerse (DB1Gn.DE) over the last 17 years.

The LSE’s share price, up more than 2,000% since it listed in 2001, reflects its frequent position as a bid target.

OCTOBER 2019

Hong Kong Exchange drops its plans to buy LSE, leaving the British exchange operator free to press ahead with the planned acquisition of data and analytics group Refinitiv, in which Thomson Reuters (TRI.TO) has a minority stake.

SEPTEMBER 2019

HKEX makes an unsolicited $39 billion takeover bid for LSE on Sept. 11, an offer contingent on the London bourse ditching its planned acquisition of Refinitiv. LSE rejects the proposal two days later.

MARCH 2017

An attempted merger between Deutsche Boerse and the London exchange is struck down by European regulators.

MARCH 2016

U.S. company ICE (ICE.N) says here it might launch a rival bid to Deutsche Boerse's offer for LSE but shelves here that plan in May.

FEBRUARY 2016

Nearly 16 years after their first attempt to merge, LSE and Deutsche Boerse confirm here they are holding detailed discussions on an all-share merger.

MAY 2014

LSE announces here talks to buy Russell Investments in a deal to expand its stock index business in the United States.

MARCH 2013

LSE acquires here a majority stake in LCH Clearnet - a holding it has built on since.

FEBRUARY 2011

LSE agrees a merger with TMX Group (X.TO), which operates the Toronto Stock Exchange. LSE's plans collapse here in June 2011 in the face of a competing bid.

DECEMBER 2009

LSE buys here a majority stake in platform rival Turquoise, granting it immediate access to pan-European share trading.

JUNE 2007

LSE agrees here to buy its Italian counterpart for 1.6 billion euros ($1.77 billion), aiming to become "the world's capital market".

MARCH 2006

LSE rejects a $4.2 billion offer from Nasdaq (NDAQ.O). Bid turns hostile and Nasdaq’s approach falls through in February 2007.

DECEMBER 2005

Macquarie makes a formal cash offer for LSE valuing it at 1.5 billion pounds.

DECEMBER 2004

Deutsche Boerse offers 520 pence a share for LSE, valuing it at 1.3 billion pounds ($1.62 billion). The proposed offer is withdrawn in March 2005.

SEPTEMBER 2000

LSE abandons a planned merger with its German counterpart which was announced in May.

AUGUST 2000

The Stockholm Stock Exchange launches a hostile bid for the LSE.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Elaine Hardcastle and Pravin Char

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