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LME bidders 'sent financial data'

Companies bidding for a stake in the London Metal Exchange have been given access to financial data, it has been reported.

05 January 2012

Potential bidders for the London Metal Exchange (LME) have been sent financial information about the company, it has been reported, which could help them prepare their negotiation strategies.

Over ten possible purchasers have been provided with sensitive data and told to make an initial offer for the firm by the end of February, Reuters stated.

"The memoranda have started to be sent out to the relevant parties," a spokeswoman for the LME was quoted by the news provider as saying.

Before they could be provided with this information, they had to sign non-disclosure agreements.

Industry sources predict bids for the £130-year-old exchange could reach £1 billion, while the market has speculated that potential buyers could include CME Group, ICAP, IntercontinentalExchange, Deutsche Boerse, the London Stock Exchange, Eurex and the Hong Kong Mercantile Exchange.

Major banks may try to block the takeover of the LME because it could be against their interests if the business were to change hands, Reuters recently reported, citing industry insiders.

Posted by Ken Hayes

Source: Reuters, January 5th

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