Australia Says Rejecting Singaporean ASX Bid a ‘No Brainer’

Australian Treasurer Wayne Swan rejected Singapore Exchange Ltd.’s $8.8 billion bid for ASX Ltd., saying the deal was not in his nation’s interest and would have left the local bourse operator as a junior partner.

“This isn’t a merger -- it’s a takeover that would see Australia’s financial sector become a subsidiary to a competitor in Asia,” Swan told reporters today in Canberra, three days after the nation’s Foreign Investment Review Board advised the government to reject the proposal. “I am open to the right deal for Australia if it comes along.”