The London Stock Exchange Group has been the target of a bid on average every two and a half years since going public in 2000
’s management had been planning a run at thefor about a year, but delayed it because of Brexit uncertainty. Then their hand was forced. In August thehad said it would buy Refinitiv, a data conglomerate, for $27bn. Though the timing was terrible, with protests roiling Hong Kong and an escalating trade war between America and China,will now return to its original plan of buying Refinitiv. That will probably leave it too large for any other suitor.
After several acquisitions, Refinitiv’s information-technology systems are poorly integrated. Its size relative to themakes it a mouthful. It has nearly four times as many staff, and its revenues and profits are bigger. The purchase “could really penalise theexecutive. Since Refinitiv’s purchase last year by Blackstone, a private-equity firm, growth has picked up slightly—revenues increased by 3% in the first half of 2019.
The abortive tie-up inspires thoughts of future matches. The world will probably soon have a few giant global bourses and a constellation of small national ones.could one day be acquired by a privatised Shanghai exchange; two of America’s giant exchange groups—shareholders are thought to be trying to provoke a bidding war before the vote on the Refinitiv deal, in the hope that
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