SGX takeover of ASX clears first hurdle with approval from Australian watchdog

16 Dec 2010

Singapore’s stock exchange overcame the first obstacle to its takeover of its Australian rival this week, when the Australian Competition and Consumer Commission (ACCC) approved the plan. But the deal still has a long way to go before it crosses the finish line.

The ACCC announced on Wednesday that it would "not oppose the proposed acquisition of ASX by Singapore Exchange (SGX)". But it must now pass Australia’s treasurer, Wayne Swan, the Foreign Investment Review Board, the Reserve Bank of Australia, the Australian Securities and Investments Commission and parliament — and ...

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