Hong Kong Exchange's $2B LME Buy Gets Shareholder Nod

Law360, New York (July 25, 2012, 2:20 PM EDT) -- London Metal Exchange shareholders voted overwhelmingly Wednesday to accept a $2.2 billion takeover offer by Hong Kong Exchanges and Clearing Ltd. that will see the world's biggest metals marketplace under Asian ownership.

The deal, which was announced June 15, signals China's growing role in the global commodities market. Chinese firms are piling into Canada, Africa and Latin America in search of copper, zinc, cobalt and aluminum, whose prices LME benchmarks, and iron, which is not traded on the 135-year-old bourse.

Sixty-four shareholders representing 99.63 percent of...
To view the full article, register now.