Australia says bourse tie-up against interests
Australia said Tuesday a planned Aus$8.4 billion ($8.9 billion) merger between the Australian and Singaporean bourses was against the national interest, but said it was still considering the deal.
The ASX and Singapore Exchange Limited announced plans last October to create one of the world's largest and most diversified financial trading hubs.
But the proposal hit hurdles in Australia, where concerns over foreign ownership and Singapore's democracy and rights record have been raised.
The ASX said Treasurer Wayne Swan was "disposed to the view... that the proposed merger of the ASX and SGX should be rejected as contrary to the national interest".
Swan said Tuesday 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.
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