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Hong Kong exchange likely to boost takeover bid for LSE, Swiss bourse says

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Hong Kong exchange likely to boost takeover bid for LSE, Swiss bourse says

Hong Kong Exchanges & Clearing Ltd. will likely increase its takeover bid for London Stock Exchange Group PLC, Jos Dijsselhof, CEO of Swiss stock exchange SIX Group AG, told City A.M.

Dijsselhof said, however, that he expects the deal will remain unlikely to push through as its strategic rationale for LSE is unclear.

LSE previously rejected HKEX's £31.6 billion offer, which is dependent on the British bourse's deal to acquire financial data provider Refinitiv Holdings Ltd. not going ahead, saying it saw no strategic merit in the proposal.

HKEX has hired UBS Group AG and HSBC Holdings PLC as advisers to help set up meetings with LSE investors in a bid to convince them on the merits of the proposed takeover, Bloomberg News reported, citing people familiar with the matter. Credit Suisse Group AG has also helped arrange investor meetings for HKEX, another source told the news agency.

Dijsselhof said he believes the Refinitiv deal enjoys more support than a potential HKEX-LSE merger, which analysts have said will likely face intense scrutiny from an array of regulators. LSE's takeover of Refinitiv has received support from 14 banks, including HSBC, Banco Santander SA and Barclays PLC, according to Reuters.