Australia said yesterday a planned A$8.4 billion (US$8.67 billion) merger between the Australian and Singaporean bourses was against its national interest, but indicated the deal was open to changes.
The Australian Securities Exchange (ASX) said Australian Treasurer Wayne Swan was “disposed to the view … that the proposed merger of the ASX and SGX [Singapore Exchange Limited] should be rejected as contrary to the national interest.”
The ASX and SGX announced plans in October last year to create one of the world’s largest and most diversified financial trading hubs.
However, the proposal hit hurdles in Australia, where -concerns over foreign ownership and Singapore’s democracy and rights record have been raised.
Swan said yesterday he had “serious concerns” about the proposal and intended to accept the unanimous advice from the Foreign Investment Review Board that the takeover would not be in the national interest.
“It’s important to note I have not made a final decision and it would not be appropriate for me to make further public comments on an application that is still under consideration,” he said in a statement.
The Singapore exchange said it had been notified of the Australian government’s view and had been asked to provide further comments to Australia’s Foreign Investment Review Board on the decision.
In a statement, it said Asia would remain the world’s growth engine in the coming decades and as a gateway to the region the SGX was “well-positioned to leverage on opportunities within Asia’s vibrant and dynamic economies.”
“We will continue to pursue organic as well as other strategic growth opportunities, including further dialogue with ASX on other forms of co-operation,” it said.
The tie-up, which must be -approved by the Australian parliament, had already faced some headwinds and the exchanges revamped their proposal earlier this year, promising an equal number of directors from each country.
The two exchanges also pledged to maintain operations, assets and key staff in Australia, and to invest in new products.
Australian parliamentary approval could also prove tricky for the government, which has just a one-seat lower-house majority.
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