Australia's government formally rejected Singapore Exchange Ltd's $8 billion bid for Australia's ASX Ltd on Friday, saying major reform of the nation's financial system was required before the ASX could be bought by a foreigner. Treasurer Wayne Swan said his decision to reject the takeover followed a unanimous recommendation from the country's Foreign Investment Review Board (FIRB), as well as financial regulators, which all objected to the proposal. "It is not the right deal for Australia if we were to ensure the strength and stability of our financial system," Swan told reporters, noting that regulators were not prepared to cede control over clearing and settlement of share trading to the SGX.
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