Tuesday 28 June 2016 12:47 pm

Baltic Exchange and Singapore Exchange extend exclusive takeover talks

Singapore Exchange extended exclusive talks with the Baltic Exchange regarding a possible takeover offer by two months.

The period has been stretched to 31 August from 30 June, SGX said in a statement released today. The two bourses had been in exclusive discussions since 25 May.

Read more: String of foreign buyers circling the Baltic Exchange

"SGX and the Baltic Exchange have together met with shareholders and much of the stakeholder community over the past weeks to discuss the transaction and have made good progress in consultations," it said.

The Baltic Exchange is a financial maritime hub located in the heart of the City of London. It's home to the Baltic Dry Index, which measures the cost of shipping huge quantities of coal, ore, grain and other dry commodities across the world.

Read more: Meet captain Penn, boss of the Baltic Exchange

Based next to the Gherkin skyscraper, it's headed up by chief executive Jeremy Penn. Penn has said he will leave the Baltic Exchange this summer, however, and the company is searching for a replacement.

The Singapore Exchange announced that it had made a takeover bid for it on 26 February.