SGX Extends Exclusive Talks with Baltic Exchange
Singapore Exchange (SGX) has extended the period of exclusive discussions to buy the London’s Baltic Exchange by two months.
According to the new information, the deadline for the talks has been pushed from June 30, 2016 to August 31, 2016.
The announcement comes on the back of the exclusivity agreement signed between the parties in May, which allowed the Baltic Exchange to consult with stakeholders and undertake discussions with SGX.
Over the past weeks the Baltic Exchange and SGX have met with Baltic Exchange shareholders, members and panellists as well as the wider stakeholder community “to discuss the potential transaction and have made good progress in consultations.”
The Baltic exchange added that the extension to the period of exclusivity allows this dialogue to continue.
The exclusivity agreement was signed after discussion with a number of interested parties. Besides the Singapore Exchange, other bidders included CME Group (CME.O), ICE (ICE.N) and Platts, according to Reuters.
“SGX has indicated that in the event its bid is successful, it would maintain the current model for the Baltic business and our presence and building in London, as the platform for the Baltic’s future growth. The proposed transaction would further strengthen the links between London and Singapore, two of the world’s leading maritime business hubs, to the benefit of all,” Chairman Guy Campbell said.