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LME to need merger and acquisition consultants?

Reports suggest the London Metal Exchange is considering an option to be taken over for £1 billion.

27 September 2011

Merger and acquisition consultants may be required by the London Metal Exchange (LME) in the coming months.

This is because the last major mutual exchange could be the subject of a £1 billion takeover bid and it comes after the LME posted record trading on Thursday (September 23rd) and Friday.

Some 108,708 transactions were conducted on the Friday - which surpassed the 24-hour old mark of 102,096 - while it is currently averaging 565,639 lots per day, a 19 per cent increase on 2010 levels.

According to the group, there have been "several expressions of interest", with CME Group, Singapore Exchange and Intercontinental Exchange among those thought to be considering sales negotiations.

Ruben Lee, chief executive officer of Oxford Finance Group, told Bloomberg there are "very few successful exchanges" up for sale at the moment and, because of this, LME is "a jewel".

He added the most likely bidders will be "cash-rich exchanges which already have a footprint in commodities".

Posted by Edel Quinn

Source: Bloomberg, Reuters, September 26th

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