AUSTRALIA'S stock exchange operator and its Singaporean counterpart face months of work convincing regulators in both countries of the benefits of their proposed $8.4 billion merger.
ASX Ltd and the Singapore Stock Exchange (SGX) today entered into an agreement to implement a merger, which would see SGX buy all ASX shares in a cash and scrip deal valuing the stock at $48.
Each of the exchange operator's boards have unanimously supported the arrangement, but the merge remains subject to regulators in each country.
Most significant for the ASX is the approval of the Australian government in respect of the 15 per cent foreign ownership limit outlined in the Corporations Act.
ASX chief executive Robert Elstone and SGX CEO Magnus Bocker expect talks to continue for up to six months before shareholder meetings can be convened some time in the first half of 2011.
"I don't think we would have announced it if we didn't believe that the approvals wouldn't be forthcoming," Mr Elstone said.
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re: 'implement a merger'
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re: 'implement a merger'
Two separate countries agreeing to merge their stock markets, which necessarily means a merge of economies ultimately. To accomplish this will involve a rewrite of Australian laws and approval of 'regulators' in both countries. As the globalization script is pre-written, there is no reason to expect that this transaction would not be completed.
As for charting the rising global system...this is a big 'dot'. Rev. 18:4
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'The fourth beast shall ...devour the whole earth' [see: "Ten kings shall arise" Dan. 7:24]
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'The fourth beast shall ...devour the whole earth' [see: "Ten kings shall arise" Dan. 7:24]
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