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Singapore stock exchange to take over ASX

Monday 25th October 2010

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The Singapore Stock Exchange has the approval of the Australian Stock Exchange board for an A$8.4 billion takeover to create the Asian region’s second largest equities and derivatives trading platform. 

The deal, which appears likely to gain approval from Australia’s Foreign Investment Review Board, will see the merged entity led by the chief executive of the SGX, Magnus Bocker, and values the ASX at A$8.4 billion, with the takeover pitched more than a third higher than trading at the end of last week, at A$48 a share. 

The bid is unanimously backed by the boards of both exchanges.

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