Singapore Exchange Ltd terminated its $8 billion bid for Australia's ASX Ltd after the Australian government formally rejected the offer, saying changes to the country's financial systems were needed before foreigners could buy the bourse. It was the first time the Australian government has rejected a major foreign takeover on national interest grounds since 2001 when Royal Dutch Shell's (RDSa.L) bid for Woodside Petroleum was blocked. Australian Treasurer Wayne Swan said the deal would have diminished Australia's economic and regulatory sovereignty, presented material risks and supervisory issues due to ASX's dominance over clearing and settlement and failed to boost access to capital for Australian businesses.
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