Joint statement said the agreement would create a platform extended for global opportunities in the Asia-Pacific region, the recovery of the world driver clients its worst recession since the 1930s.
Cash and shares offer should be completed in the second quarter of 2011 subject to regulatory approval, the values of the ASX A $48 per share, or a $ 8, a premium of nearly 40pc last price traded.
Magnus Bocker, Executive Director SGX to become Chief Executive of the combined group, said that "by 2020, in less than 10 years from now, more than half of global GDP be in Asia-Pacific region."
"This is an opportunity we can't let go," he said at a press conference.
In terms of total number of inscriptions, ASX - SGX will exceed Tokyo to become the largest second list in the Asia-Pacific region after Bombay, offering more than 2,700 undertakings with more than 20 countries, including 200 of greater China, said the joint statement.
Merged exchanges will provide also access to the institutional investor base outside United States with active combined under valued at 2.3 trillions of dollars, including money from sovereign wealth funds management.
"There is no doubt it's a combination of point of repère.Nous try acting ahead of the curve to be proactive in a rapidly changing world" said Mr. Bocker.
The Wall Street Journal said the merger could create an approximately 1.9 billion market.
"At the end of the day, this combination is not only on the synergies of coût.Il is really on strategically makes us an Exchange much stronger together and positioning we grow in Asia, said the Wai Kwong, Director financial SGX Seck.".
The agreement seems likely to address certain regulatory issues in Australia as Singapore Government is a major shareholder in SGX, but stock exchange officials expected to major obstacles.
"I think that we would have announced it if we do not believe that approval would be forthcoming,", said Robert Elstone, Managing Director and CEO of ASX.
Australian competition and Consumer Commission (ACCC), Graeme Samuel said "I think it's an issue between the Exchange and Singapore Australia Exchange and I do not see that raise competition issues for us," President according to the public broadcaster ABC.
The announcement comes as the ASX is on the verge of losing its monopoly long Australia after the Government gave the go-ahead for rival to implement part exchanges.
SGX President-elect Chew Choon Seng is likely to become the non-Executive Chairman of the entity merged while ASX President David Gonski should become Deputy Chairman.
The combined group will have 1,100 employees and an international jury with 15 directors of five countries.
No comments:
Post a Comment