Deals

Unsolicited $36.6 Billion LSE Bid Kicked Off by Surprise Visit

Hong Kong exchange makes unsolicited bid for London bourse
HKEX wants LSE to scrap its $27 billion Refinitiv deal

Fabio Savoldelli of Columbia University comments on Hong Kong Exchanges and Clearing’s bid for London Stock Exchange.(Source: Bloomberg)

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By Viren Vaghela

September 11, 2019 at 3:57 PM UTC

Updated on

September 12, 2019 at 1:22 AM UTC

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London Stock Exchange Group Plc Chief Executive Officer David Schwimmer had a visit on Monday from an unexpected guest: Hong Kong Exchanges & Clearing Ltd. CEO Charles Li.

In a hastily called meeting, the 58-year-old Li told Schwimmer and LSE Chairman Don Robert that he wanted to buy the three-century-old U.K. exchange, according to a person familiar with the matter, who asked not to be identified discussing a private conversation. The executives were caught off-guard, and were surprised when HKEX made an unsolicited bid for LSE less than 30 hours later, the person said.