This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-11617113

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Singapore stock exchange bids $8.2bn for Australian ASX Singapore stock exchange bids $8.2bn for Australian ASX
(about 2 hours later)
The Singapore stock exchange (SGX) has unveiled a multi-billion dollar bid for the company that owns the Australian Stock Exchange (ASX) in Sydney.The Singapore stock exchange (SGX) has unveiled a multi-billion dollar bid for the company that owns the Australian Stock Exchange (ASX) in Sydney.
If approved, the $8.2bn takeover would mark the first stock exchange merger in the Asia Pacific region.If approved, the $8.2bn takeover would mark the first stock exchange merger in the Asia Pacific region.
The deal would enhance Singapore as a major financial hub in the region and benefit Australian investors by giving them greater access to Asian markets.The deal would enhance Singapore as a major financial hub in the region and benefit Australian investors by giving them greater access to Asian markets.
A merged exchange would hope to compete more effectively with Hong Kong.A merged exchange would hope to compete more effectively with Hong Kong.
It would be the second-largest exchange in the region, SGX chief executive Magnus Bocker said on Monday. ASX shares soared more than 20% to A$43.49 ($43.17) after the announcement, while SGX shares fell back 4.35% to S$9.13 ($7.05).
The Singapore bid values ASX at A$48 ($47.50) per share, nearly 40% higher its more recent traded price. A merger would create the second-largest exchange in the region, SGX chief executive Magnus Bocker said on Monday.
"The capital flow we see today is really changing from West to East," said Mr Bocker. "This will be the gateway to Asian capital markets."
The Singapore bid values ASX at A$48 ($47.50) per share, nearly 40% higher its latest traded price before the announcement.
The offer is made up of A$22 plus 3.473 SGX shares for each ASX share.The offer is made up of A$22 plus 3.473 SGX shares for each ASX share.
Currently, the Singapore exchange is the second-largest in Asia, with Sydney ranked third.Currently, the Singapore exchange is the second-largest in Asia, with Sydney ranked third.
Any merger deal would require approval by the regulatory authorities in both countries.Any merger deal would require approval by the regulatory authorities in both countries.