LME Chairman: Members Need Compelling Reason To Sell -Document

Date : 05/17/2012 @ 8:10AM
Source : Dow Jones News
Stock : Nyse Euronext (NYX)
Quote : 45.29  0.0 (0.00%) @ 2:05AM

LME Chairman: Members Need Compelling Reason To Sell -Document

Cme Grp. Inc. (NASDAQ:CME)
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Shareholders in the London Metal Exchange, who are also its members, need to be shown a compelling reason to sell the 135-year old business to any of the remaining bidders, according to a document seen by Dow Jones Newswires Thursday.

The chairman of the LME, which is currently evaluating proposals from three other exchanges, said the Exchange doesn't need to be sold but that it had a duty to its shareholders to value the company competitively once it received an approach last year.

"Throughout the process the LME has made clear its view that the Exchange doesn't need to be sold, and that bidders will have to show compelling reason for a transaction if they are to convince shareholders that a sale is a good idea," Brian Bender said in a statement in the LME's 2011 accounts.

CME Group Inc. (CME), IntercontinentalExchange Inc. (ICE) and Hong Kong Exchanges and Clearing Ltd. (0388.HK) are the last three bidders in the running to buy the LME, the world's biggest metals trading exchange.

-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413; andrea.hotter@dowjones.com

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