Singapore Exchange (SGX) says it will try to push through its proposed $7.75 billion acquisition of local stock exchange operator ASX Ltd
(ASX:ASX) despite strong opposition in Australia.
SGX’s planned takeover of ASX has been cleared by Australian’s competition watchdogs but continues to face strong opposition from local politicians.
SGX’s chief executive Magnus Bocker says he will persevere and give the merger a “sincere and good try” as the merger is in the interest of both countries and offers a number of benefits to listed companies.
Australia’s federal parliament must vote to lift an ownership cap for the deal to go through.
For the year ended 30 June 2010, ASX reported a net profit of $328 million.
