Timeline: LSE – A story of failed mega-mergers

(Reuters) – The London Stock Exchange (LSE.L) emphatically rejected a $39 billion takeover offer from the Hong Kong bourse on Friday, opting to stick with its planned purchase of data and analytics group Refinitiv. Hong Kong Exchanges and Clearing’s (0388.HK) (HKEX) offer was the latest attempt at an exchange mega-merger after multiple failures between LSE and Deutsche Boerse (DB1Gn.DE) over the last 17 years. The LSE’s share price, up 1,950% since it listed in 2001, reflects its frequent position as a bid target. SEPTEMBER 2019 HKEX made an unsolicited $39 billion takeover bid for LSE on Sept. 11, an offer contingent on the London bourse ditching its planned acquisition of data company Refinitiv. LSE rejected proposal two days later. MARCH 2017 An attempted merger between Deutsche Boerse and the London exchange was struck down by European regulators. MARCH 2016 U.S. company ICE (ICE.N) said here it might launch a rival bid to Deutsche Boerse’s offer for LSE but shelved here those plans in May. FEBRUARY 2016 Nearly 16 years after their first attempt to merge, LSE and Deutsche Boerse confirmed here they were holding detailed discussions on an all-share merger. MAY 2014 LSE announced here talks to buy Russell Investments in a deal to expand its stock index business in the United States. MARCH 2013 LSE acquired here a majority stake in LCH Clearnet and has built its holding since. Clearing houses offered investment opportunities as regulators cracked down on markets. FEBRUARY 2011 LSE agreed a merger with TMX Group (X.TO), which operates the Toronto Stock Exchange. LSE’s plans collapsed here in June 2011 in the face of a competing bid. DECEMBER 2009 LSE bought here a majority stake in platform rival Turquoise, granting it immediate access to pan-European share trading. JUNE 2007 LSE agrees here to buy its Italian counterpart for 1.6 billion euros ($1.77 billion), aiming to become “the world’s capital market”. MARCH 2006 LSE rejects a $4.2 billion offer from Nasdaq (NDAQ.O). Bid turns hostile and Nasdaq’s approach falls through in February 2007. DECEMBER 2005 Macquarie makes a formal cash offer for LSE valuing it at 1.5 billion pounds. DECEMBER 2004 Deutsche Boerse offers 520 pence a share for LSE, valuing it at 1.3 billion pounds ($1.62 billion). Proposed offer is withdrawn in March 2005. SEPTEMBER 2000 LSE abandons a planned merger with its German counterpart which was announced in May. AUGUST 2000 The Stockholm Stock Exchange launches a hostile bid for the LSE. (Graphic: LSE spend on acquisitions in the decade, here) (Graphic: LSE in talks to buy Refinitiv for $27 bln png, here)

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