SGX in talks to acquire UK’s Baltic
Print Edition
THE Singapore Exchange (SGX) is in exclusive talks to buy London’s Baltic Exchange, which has been at the heart of the global shipping industry for centuries, the two companies said yesterday.
Founded in 1744, the Baltic Exchange is no longer a forum for chartering vessels but owns benchmark indexes for global shipping rates and provides a trading platform for the multi-billion dollar freight derivatives market.
The takeover talks come as the global shipping industry grapples with the worst market conditions for decades after a slump in commodity markets coincided with an increase in the number of vessels, sending freight costs to record lows.
Earlier yesterday, sources said the Baltic and SGX had entered into advanced talks, with one putting the value of a potential deal at about US$100 million.
The Baltic and SGX said in a statement later that they had entered a period of exclusivity that would expire on June 30.
“The board considers this proposal is an exciting development for the Baltic and all the stakeholders in the markets it serves,” Baltic Chairman Guy Campbell said in a statement.
“SGX has indicated that in the event its bid is successful, it would maintain the current model for the Baltic business and our presence and building in London, as the platform for the Baltic’s future,” he said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
