Hong Kong makes £30 billion bid for London Stock Exchange

Hong Kong has just made a surprise £30 billion bid for the London Stock Exchange.

Hong Kong Exchanges and Clearing (HKEX) said Wednesday it had made a proposal to the board of the LSE to “combine the two companies” in a cash and share deal worth £29.6 billion ($37 billion), or £31.6 billion ($39 billion) including debt.

The deal would “redefine global capital markets for decades to come,” HKEX CEO Charles Li said in a statement.

It would reinforce Hong Kong’s position as the key connection between mainland China, Asia and the rest of the world, HKEX said.

The announcement comes hot on the heels of the LSE’s £22 billion ($27 billion) acquisition of financial data company Refinitiv. That deal was aimed at transforming the LSE into a global markets and information juggernaut to rival Michael Bloomberg’s financial data empire.

A spokesperson for the LSE declined to comment.

This is a developing story.