Australia Shuts Down $9B ASX-SGX Deal

Law360, New York (April 8, 2011, 12:00 PM EDT) -- The Australian government on Friday rejected Singapore Exchange Ltd.'s proposed $8.8 billion merger with Australian stock exchange ASX Ltd., a decision the Asian exchange had previously said was likely.

Australian Treasurer Wayne Swan said that he had decided the deal would not be in the national interest and that, after talks with Australia's Foreign Investment Review Board, he had been advised that "many of the claimed benefits of this transaction are likely to be overstated."

SGX in October announced its plan to buy ASX for AU$8.4...
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