FSA approves HKEx’s acquisition of control over the LME
30 November 2012
News, Global, Hong Kong
By Asia Asset Management
The board of Hong Kong Exchanges and Clearing Limited (HKEx) has announced that the Financial Services Authority of the United Kingdom (FSA) has approved HKEx’s acquisition of control over The London Metal Exchange Limited (LME) through its indirect wholly-owned subsidiary, HKEx Investment (UK) Limited, by way of a scheme of arrangement and a capital reduction under the United Kingdom’s Companies Act.
Following the FSA’s approval, the hearing of the petition to the High Court of England and Wales to sanction the scheme and to confirm the related capital reduction of the LME is expected to take place on December 5. If the court’s sanction and confirmation and the relevant orders of the court have been duly filed, the scheme is expected to become unconditional and effective on or around December 6.
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