HKEx and LME announce completion of transaction; director resignations
The acquisition of the LME by HKEx has been completed, Hong Kong Exchanges and Clearing Limited (HKEx) and LME Holdings Limited, the parent company of The London Metal Exchange Limited (LME), announced today.
The acquisition of the London Metal Exchange by Hong Kong Exchanges & Clearing has been completed, the exchanges announced this morning.
The final hurdle was the delivery of the relevant court orders to the Registrar of Companies for England and Wales.
Directors Stephen Branton-Speak, Jim Coupland, Gabriela Grillo, Noel Harwerth, James Land, Nat le Roux, Michael Overlander, Gavin Prentice, David Rough and Fabian Somerville-Cotto have all resigned from the board of LME Holdings, the statement noted.
Martin Abbott and chairman Sir Brian Bender will remain as directors of LME Holdings.
Chow Chung Kong, Romnesh Lamba and Charles Li will join the board of LME Holdings.
The transaction brings together the leading operator of exchanges and clearing houses in Asia, with the world’s leading non-ferrous base metals trading venue, the statement added.
“We are delighted that, as of today, the LME is formally part of the HKEx group. We are confident that this partnership will deliver enormous benefits over time as we leverage our relationships and knowledge to build on the LME’s strong global position,” Li, ceo of HKEx said.
“The LME will remain the world’s foremost base metals exchange thanks to HKEx’s position in Asia, its infrastructure and resources. We begin a new chapter today but the LME is more secure than at any point in its 135-year history,” Abbott, ceo of the LME said.
Click here to find out what Charles Li had to say to Metal Bulletin’s Andrea Hotter about the sale, as well as his plans for the LME.