SGX makes bid for ASX

The Singapore Exchange is making an offer for ASX in a deal which values the Australian stock exchange at S$10.7 billion.

As part of the deal, the SGX will keep its listing in Singapore and have a secondary listing in Australia where depository receipts of its shares will be traded.

When the deal completes in the second quarter of next year, about 40 per cent of the SGX's shareholders will be Singaporeans, while 30 per cent will come from Australia and the remaining 30 per cent from international investors.

In terms of total number of listings, the ASX-SGX will overtake Tokyo to become the second largest listing venue in the region after Bombay, offering more than 2,700 companies from over 20 countries including 200 from Greater China. LINK