Just a rubber stamp approval from the UK’s financial regulator now stands in the way of the Singapore Exchange (SGX) taking over London’s Baltic Exchange, following the news that more than 75% of the Baltic’s shareholders have approved the £87m takeover.
Baltic chairman Guy Campbell revealed in a letter to shareholders yesterday that 75.2% of shareholders have so far greenlighted the sale. SGC has been in discussions with the Baltic over a takeover since the end of May.
An official shareholder vote will take place on September 26 after which the UK’s Financial Conduct Authority will need to approve the deal.
Campbell commented recently: “The proposed acquisition will accelerate the growth and development of the Baltic Exchange beyond what it could achieve on its own. Already a trusted business partner, SGX has committed to retaining the Baltic’s ethos as a membership organisation, retaining our London headquarters and further consolidating the Baltic’s value, influence and reach within the global shipping community.”