{"id":12767,"date":"2012-07-26T01:31:53","date_gmt":"2012-07-25T23:31:53","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/update-3-vote-seals-hong-kong-purchase-of-london-metal-exchange\/"},"modified":"2012-07-26T01:31:53","modified_gmt":"2012-07-25T23:31:53","slug":"update-3-vote-seals-hong-kong-purchase-of-london-metal-exchange","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-3-vote-seals-hong-kong-purchase-of-london-metal-exchange\/","title":{"rendered":"UPDATE 3-Vote seals Hong Kong purchase of London Metal Exchange"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* Shareholders approve $2.2 billion deal<\/span><\/p>\n

<\/span><\/p>\n

* LME CEO Martin Abbott to stay, may get 7 million pounds<\/p>\n

<\/span><\/p>\n

* London exchange hopes to gain better access to China<\/p>\n

<\/span><\/p>\n

By Susan Thomas and Maytaal Angel<\/p>\n

<\/span><\/p>\n

LONDON, July 25 (Reuters) – London Metal Exchange (LME)
\nshareholders voted convincingly on Wednesday to accept a $2.2
\nbillion offer by the Hong Kong bourse for the 135-year-old
\nBritish institution, underscoring a global shift in
\nmanufacturing to China, Asia’s economic powerhouse.<\/p>\n

<\/span><\/p>\n

Hong Kong Exchanges and Clearing Ltd (HKEx) and
\nthe LME announced on June 15 they had agreed on an acquisition
\nthat would give LME members a gateway to China, the world’s
\nbiggest metals buyer. The LME is the largest marketplace for
\nmaterials such as copper, aluminium and zinc.<\/p>\n

<\/span><\/p>\n

“The deal with HKEx, Asia’s leading exchange, will secure
\nthe LME’s position as the world’s foremost metals trading
\nvenue,” said Martin Abbott, chief executive of the LME, who is
\nset to stay on after the deal is concluded later this year and
\ncould get up to 7.4 million pounds ($11.5 million) from a shadow
\nequity scheme.<\/p>\n

<\/span><\/p>\n

The agreement marks the end of the LME’s long history as a
\nmember-owned exchange.<\/p>\n

<\/span><\/p>\n

At an extraordinary general meeting early on Wednesday, 64
\nshareholders voted yes and three voted against, the LME said.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* Shareholders approve $2.2 billion deal * LME CEO Martin Abbott to stay, may get 7 million pounds * London exchange hopes to gain better access to China By Susan Thomas and Maytaal Angel LONDON, July 25 (Reuters) – London Metal Exchange (LME) shareholders voted convincingly on Wednesday to accept a $2.2 billion offer by […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-12767","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=12767"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12767\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}