Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, April 5, 2011

Singapore Exchange to wait for final govt decision on ASX- sources

Singapore Exchange has no plans to withdraw its $8 billion bid for Australia's ASX Ltd until it receives a final decision on the offer from the Australian government, sources familiar with the deal said on Wednesday. SGX and Australia's Foreign Investment Review Board (FIRB) were expected to have further interaction in coming days ahead of an expected April 11 deadline for the board to make a recommendation on the offer, the sources told Reuters. SGX wants the Australian Treasurer Wayne Swan to explain the reasons behind any decision to reject the offer which the sources said had not yet been made clear publicly or privately. Treasurer Swan said on Tuesday he intended to block the deal on unspecified national-interest grounds. SGX was invited to respond to the government's concerns. [ID:nL3E7F50PP] (Reporting by Michael Smith; Editing by Ed Davies)

Source