NYSE Euronext pulls out of the race to buy LME
NYSE Euronext is out of the race to buy the London Metal Exchange, a spokesman said yesterday, after its reported £800m bid was deemed too low.
NYSE had submitted a binding bid for the 135-year-old LME last week, vying with Hong Kong Exchanges and Clearing, CME Group and InterContinental Exchange.
“We put a proposal in that we believe was a fair valuation for the business and we wish them well,” a spokesman for the exchange.
The LME said on 8 May that it had received a number of offers from shortlisted parties, and that it would now “consider the proposals and provide shareholders with further information as appropriate”.
The head of the Hong Kong Exchanges and Clearing said last week it was confident of winning the auction to take control of the world’s largest metals trading market.
Moelis & Company is handling the sale process on behalf of LME.