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London Stock Exchange rejects Hong Kong's $37 billion takeover bid

London (Flash Business)The London Stock Exchange has roundly rejected Hong Kong's $37 billion takeover bid, saying it was too low, politically risky and lacked strategic merit. In a strongly worded statement Friday, LSE's board said it "unanimously" rejects this week's conditional proposal from Hong Kong Exchanges and Clearing (HKEX). LSE(LNSTY) added that it sees "no merit in further engagement" because of the offer's "fundamental flaws." The London exchange said it remained committed to its acquisition of financial data provider Refinitiv. Analysts had widely expected the HKEX bid to fail, given worries about Chinese influence over vital financial infrastructure and concerns about reduced competition. HKEX responded in a statement that said it "continues to believe that the proposed combination ... represents a highly compelling strategic opportunity." The Hong Kong company suggested that it could now make a hostile bid that wou…

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