S&P Global Market Intelligence presents In Play Today, a periodic summary of potential deal activity in the financial sectors of Europe, the Middle East and Africa. This summary, which is displayed according to the location of a target's headquarters, is based on information obtained by S&P Global Market Intelligence and may not be inclusive of all potential deal activity.
Europe
* Hong Kong Exchanges & Clearing Ltd. proposed to London Stock Exchange Group PLC to merge the two companies to create the world's largest exchange group by total revenues. However, LSE swiftly rejected HKEX's offer, which valued the British bourse at £31.6 billion. LSE cited a number of factors, including the Hong Kong company's relationship with its local government in its rejection of the bid. HKEX said it will continue to engage LSE's shareholders, despite the group rejecting its proposal.
* Nova Ljubljanska banka dd submitted a nonbinding bid to take over Serbia-based Komercijalna banka ad Beograd. Earlier, Serbian Finance Minister Siniša Mali said the government, which raised its stake in Komercijalna to 83.23%, received four nonbinding bids for the lender.
* British technology firm Sage Group PLC confirmed that it is weighing strategic options for payment processing unit Sage Pay, including a sale.
* U.S.-based bond fund manager Pacific Investment Management Co. LLC, or Pimco, is among the bidders interested in acquiring the final £5 billion tranche of loans held by British bad bank UK Asset Resolution Ltd., according to Sky News. Cerberus Capital Management LP is also expected to be interested in the portfolio.
* Amundi SA, UBS Group AG, JPMorgan Chase & Co. and DWS Group GmbH & Co. KGaA could be interested in a possible deal for Société Générale SA unit Lyxor Asset Management SAS, the Financial Times reported, citing exchange-traded fund market observers.
* Germany's bad bank FMS Wertmanagement AöR expects to find a buyer for Ireland-based Depfa Bank PLC in 2020, insiders told the Irish Independent.
* Kenya's Equity Group Holdings PLC entered into a nonbinding term sheet with certain shareholders of Banqué Commerciale Du Congo SA to potentially acquire a controlling stake in the Democratic Republic of the Congo-based lender.
* Banco do Brasil SA is in talks with Swiss lender UBS Group regarding an investment banking joint venture, Reuters reported. A deal could be finalized as soon as October and would see the Brazilian lender's investment banking unit merged with UBS Brazil division. No payment is expected in the potential deal with UBS to own a controlling stake in the entity, according to the report.
* French insurer AXA SA and Kuala Lumpur-based Affin Bank Bhd. are considering a potential sale for their life and general insurance business in Malaysia, AXA Affin General Insurance Bhd. and Axa Affin Life Insurance Bhd., insiders told Bloomberg News. Axa and Affin Bank plan to raise around $500 million from a deal involving Axa Affin General Insurance and up to $150 million on Axa Affin Life Insurance, however, there is no certainty a deal will follow through.

