Allen & Overy Aids Hong Kong Exchange's $2.1B LME Buy

Law360, New York (June 15, 2012, 2:22 PM ET) -- Hong Kong Exchanges and Clearing Ltd. on Friday agreed to buy the London Metal Exchange for £1.38 billion ($2.14 billion) in cash, outbidding several American exchanges and affirming greater China's growing role in the global commodities market.

The Asian exchange will pay £107.60 ($168.16) for each share of LME's parent company, London Metals Exchange Holdings Ltd. It outbid Atlanta-based InterContinental Exchange for the deal and outlasted NYSE Euronext Inc. and Chicago Mercantile Exchange operator CME Group Inc., which had both reportedly weighed an offer earlier this...
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