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Crouch, Touch, Engage the Rugby World Cup

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Crouch, Touch, Engage the Rugby World Cup BUSINESS WITH PERSONALITY LEAD BY EXAMPLE CROUCH, TOUCH, ENGAGE MATTHEW SYED ON THE RUGBY WORLD CUP WHY SILENCE CAN COUNTDOWN STARTS P30 BE GOLDEN P18 THURSDAY 12 SEPTEMBER 2019 ISSUE 3,455 CITYAM.COM FREE HONG KONG’S BID WHIPS UP A STORM SEBASTIAN MCCARTHY Tom Tugendhat, chair of the influential foreign City A.M. @SebMcCarthy affairs committee, told : “Our markets are based on the rule of law. China’s actions in Hong A BLOCKBUSTER plan to merge the London Stock Kong in recent years raise concerns over the city’s Exchange (LSE) with its Hong Kong counterpart autonomy, and the connection to a vital national faces an uphill battle after being met with asset like the London Stock Exchange isn’t wise.” scepticism from politicians and investors alike last A top 10 LSE shareholder said: “The share price night. reaction one hour after the approach says the Hong Kong Exchanges and Clearing (HKEX) market does not believe it will be successful,” shocked the City yesterday morning after revealing adding that pressure will now build on US rivals a surprise £32bn bid to buy LSE, threatening to such as ICE (Intercontinental Exchange) to throw torpedo the UK group’s own takeover plans to snap their hat in the ring for a bid too. up US data provider Refinitiv. One City figure involved in LSE’s failed merger LSE’s share price soared to a record high talks with Deutsche Boerse in 2017 said: “HKEX has immediately after the proposals were announced, wanted to buy LSE for years and clearly the but soon shed most of its gains as shareholders Refinitiv deal has made them feel forced to move digested the move which HKEX said would “bring now... but now is not a great time for them. together the largest and most significant financial “ICE and CME will be watching this very, very centres in Asia and Europe”. closely indeed. The Americans will not be Amid widespread anti-government protests in comfortable with the prospect of the LSE being Hong Kong and civil rights violations in China, owned by HKEX, especially when the majority of several leading politicians expressed concern over LSE customers are big US investment banks.” the deal and the perceived closeness of HKEX to the Beijing administration. £ CONTINUES ON P2 FTSE 100▲ 7,338.03 +70.08 FTSE 250▲ 19,982.16 +243.30 DOW▲ 27,137.04 +227.61 NASDAQ▲ 8,169.68 +85.52 £/$▼ 1.233 -0.002 £/€▲ 1.120 +0.002 €/$▼ 1.101 -0.003 02 NEWS THURSDAY 12 SEPTEMBER 2019 CITYAM.COM LSE POWERS ON AS SUITORS FAIL 10 P 7,000 1. DECEMBER 2004 5. MAY 2009 9. NOVEMBER 2017 THE CITY VIEW Deutsche Boerse offers 520p LSE replaces Dame Clara Rolet steps down as LSE boss a share for London Stock Furse with Xavier Rolet as 6,000 Exchange (LSE), valuing it at chief executive officer 10. SEPTEMBER 2019 £1.3bn Hong Kong bourse makes 6. JUNE 2011 surprise £32bn bid for LSE It’s tempting, but the 2. MARCH 2005 LSE talks for a merger with Proposed offer is withdrawn TMX Group, which operates 5,000 the Toronto Stock Exchange, 3. MARCH 2006 collapse 9 devil’s in the details LSE rejects a $4.2bn offer from Nasdaq 7. FEBRUARY 2016 LSE and Deutsche Boerse 4,000 HE STOCKHOLM Stock Exchange, the Toronto Exchange, 4. FEBRUARY 2007 confirm they are in talks for Germany’s Deutsche Boerse, Australia’s Macquarie and Nasdaq’s approach collapses all-share merger 7 8 the American giants Nasdaq and ICE have all danced the T 8. MARCH 2017 3,000 dance with the London Stock Exchange at one time or An attempted merger another. Deutsche Boerse has been the most persistent and the between Deutsche Boerse Americans have kept an eye on Paternoster Square. And who can and the LSE was blocked by European regulators blame them? The London Stock Exchange Group’s share price is 2,000 up more than 2,000 per cent since it listed 20 years ago, driven by its own run of acquisitions and deals while London cemented its position as a leading financial services hub. Yesterday, in a 4 move that stunned the City, Hong Kong Exchanges and Clearing 3 5 6 1,000 (HKEX) became the latest international rival to make a swoop on 2 the London exchange, blowing in with a £30bn bid to create, in 1 their words, a new “global market infrastructure group” that “connects East and West”. It is, at a glance, an enticing 2005 2007 2009 2011 2013 2015 2017 2019 proposition. According to research by New Financial, Hong Kong has (relative to GDP) the deepest capital markets in the world and is the fourth There are largest international financial centre. some almighty London comes second and a combined obstacles UK-HK operation would eclipse the EU and snap at the heels of the top ranked HKEX anticipates political US market. As one veteran City watcher said yesterday, “linking the most dynamic market in Asia with the most dynamic in Europe makes a lot of strategic sense”. For a buccaneering, post-Brexit global Britain, it would indeed be battle on £32bn LSE offer quite a statement. However, there are some almighty obstacles – corporate, political and diplomatic. Firstly, the LSE has not welcomed this approach. It’s focused on finalising its own £20bn CONTINUED FROM FRONT PAGE flagged political tensions as a major and we will be able to offer customers deal with Refinitiv – something that the architects of the Hong issue, with UBS saying that business greater innovation, risk management Kong deal oppose. Furthermore, the chances of UK politicians Following the announcement, CME disruption in Hong Kong adds to the and trading opportunities.” Group chief executive Terry Duffy potential perceived risk of a proposed HKEX said the deal is subject to LSE’s and regulators satisfying themselves that the Hong Kong said the US markets firm is “laser LSE/HKEX merger. mammoth £22bn merger with Refini- Exchange is sufficiently independent from Beijing are remote. focused” on its recent $5bn acquisi- Protesters and police have been tiv falling through. HKEX is chaired by Laura Cha, a close friend of Hong Kong’s tion of UK-based fintech firm Nex. clashing in violent demonstrations In a statement LSE, which is headed embattled chief executive Carrie Lam. The HKEX chief executive, Treasury Select Committee member throughout Hong Kong over the up by former Goldman Sachs banker Wes Streeting said he would “want re- summer following anger at a now- David Schwimmer, said the HKEX Charles Li, has described the mass pro-democracy movements assurance about where the leadership suspended bill that would have al- offer was “preliminary and highly gripping Hong Kong as “not helpful”. Simply put, the leadership will be based and, given LSE’s owner- lowed extradition to mainland China. conditional”, but would consider it of the Hong Kong exchange knows which side its bread is ship of Russell Indexes, what level of HKEX boss Charles Li was adamant and make a further announcement. buttered. Frankly, leaving aside the politics, the LSE doesn’t risk might present itself as a result of that concerns over political influence The proposed transaction implies a the ongoing US-China trade wars”. from a takeover were misplaced, value for each LSE share of around need this deal. It sees its future in data and the Refinitiv strategy Meanwhile, business secretary An- saying on a media call: “To everyone 8,361p, representing a premium of 23 is designed to facilitate that. Their advisers on that deal now drea Leadsom said she would look telling us this is a potential Chinese per cent to the closing share price of have to defend against an unwelcome gatecrasher at the party. “very carefully at anything that had takeover, over the last seven years of 6,804p on 10 September. It comes just security implications for the UK”. ownership of the London Metal two years after EU regulators blocked Controversy around foreign acquisi- Exchange (LME) we have invested a proposed £21bn merger between tions in the UK has mounted in recent heavily, created many jobs, paid a lot LSE and Germany’s Deutsche Boerse. years, with the government bolstering of taxes… and it is is still a quintessen- Iain Anderson, boss of City lobby its Takeover Code in 2018 following a tial British institution.” firm Cicero, said: “The China element string of contentious deals. Li added: “Together, we will connect – with the level of unrest – will give Follow us on Twitter @cityam Financial analysts in the City also East and West, be more diversified the deal even more political scrutiny.” FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL BABCOCK’S NAVY FRIGATE WHAT THE SHINZO ABE GIVES POSSIBLE SHOP CLOSURES HIT NEW FOREVER 21 PLANS TO FILE DEAL LIFELINE TO SHIPYARD OTHER SUCCESSOR CABINET ROLE RECORD AMID RESCUE DEALS FOR BANKRUPTCY SUNDAY A consortium led by defence group Japan’s prime minister, Shinzo Abe, has Shops are shutting at a rate of up to 16 a Retail chain Forever 21 is planning to file Babcock International has won the PAPERS SAY appointed to his cabinet the man many day across the country, with closures for bankruptcy as early as Sunday after competition to build new frigates for expect to be his successor — 38-year old hitting record levels as the crisis facing a cash crunch for months, the Royal Navy, securing hundreds of THIS Shinjiro Koizumi, son of the former engulfing the high street escalates. The according to people familiar with the jobs at British shipyards, including in prime minister Junichiro Koizumi.
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