Hong Kong bourse in US$1b placement to finance LME buyout

Hong Kong Exchanges & Clearing, the world’s No. 2 bourse operator by market value, is selling US$1 billion in new shares to fund its purchase of the London Metal Exchange, approved on Thursday by the British regulator.

The Hong Kong company plans to raise HK$7.75 billion (US$1 billion) selling shares at HK$118 each, a 5.5 per cent discount to Thursday’s closing price of HK$124.80, according to a statement from the bourse today.

via Business feed http://www.scmp.com/business/companies/article/1094483/hong-kong-bourse-us1b-placement-finance-lme-buyout