After being rejected by the Australian government, Singapore Exchange plans to make a bid for Hong Kong Exchanges and Clearing, reports the South China Morning Post.
"Hong Kong would bring us size. We have no problem being a junior partner. But it would be all about the detail," SGX president Muthukrishnan Ramaswami told the Post.
According to the Post, the merger would not be a marriage of equals: Hong Kong is seventh in the world, while SGX is in 21st place.
"We would not rule out opportunities to merge with another bourse, but HKEx would only consider any such merger and acquisition if it could benefit the exchange's future growth and matched our development strategy," a HKEx spokesperson told the Post.
Singapore Exchange Ltd.'s proposed takeover of main stock market operator ASX Ltd. was rejected by the Australian government last month, which said the 8.4 billion Australian dollar (US$8.78 billion) deal is not in Australia's national interest
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