Hong Kong Exchanges & Clearing Ltd. said Sept. 13 that it will continue to engage London Stock Exchange Group PLC's shareholders despite the group rejecting its proposed merger because it believes the deal will result in more benefits for them versus the latter's plan to acquire financial data provider Refinitiv.
LSE rejected HKEX's proposal earlier in the day in a statement that took aim at the latter's future in a troubled region, its relationship with the Hong Kong government and whether the deal had any merit. It also said it preferred its existing relationship with The Shanghai Stock Exchange Ltd.
In a response to the LSE's rejection, the Hong Kong exchange said it was disappointed that the London-based exchange had refused to "properly engage" in talks to discuss the merits of merging to create a global market infrastructure leader.
It added that it had done a considerable amount of groundwork, including "initial constructive discussions with regulators and policy makers," before making the proposal and it was hoping for constructive dialogue and a chance to demonstrate why its proposed deal is a better option for shareholders and in their best interests.
