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LONDON (Reuters) – The world’s biggest metal market has thrown open its doors to a potential 1 billion pound ($1.5 billion) takeover and is considering a sale that might end the independence its chief executive previously said was not negotiable.
The London Metal Exchange (LME) said on Friday it was considering a sale after receiving “several expressions of interest.” A source with knowledge of the situation said there had been a firm offer, which had triggered the beauty parade.
LME members speculated that likely suitors might include CME Group Inc (CME.O: Quote, Profile, Research), the largest futures exchange in the United States, and IntercontinentalExchange (ICE.N: Quote, Profile, Research).
“Potentially it could be CME or ICE. There’s also Singapore (Singapore Exchange (SGXL.SI: Quote, Profile, Research)) or the recently launched Hong Kong Mercantile Exchange, both of them have the money. There’s also Eurex owned by Deutsche Boerse (DB1Gn.DE: Quote, Profile, Research),” the head of a metals brokerage said.
He said that the LME’s CEO, Martin Abbott, “has said many times he wants the exchange to remain independent. It (a takeover) is probably being considered because the members want it, the biggest shareholders want it.”
The LME was established in 1877 above a London hat shop.
Its building on Leadenhall Street in the City financial district is one of the last bastions of open outcry, with futures in metals including copper, aluminium, zinc, lead, tin and nickel still changing hands in so-called ring trading as well as electronically and over the telephone.
18:26 GS Goldman Sachs is biggest potential winner of the proposed sale of the London Metal Exchange -- FT ($94.55) The FT reports that Goldman Sachs is biggest potential winner from the proposed sale of the London Metal Exchange, since the company has more than quadrupled its stake in the LME over the past two years.
* The article notes that last week, the LME, the centre for global metals trading, said it had been approached by more than 10 suitors over a sale that shareholders hope will value it at more than $1.6B. * According to The FT, the potential sale of the LME will be a main topic at LME week, which begins in London on Monday. * The FT reports that Goldman declined to comment on whether it was advising any party in the potential sale, however, according to bankers, it would be unlikely to do so given its large stake in the exchange. * The article reports that LME is being advised by Moelis.
les banques actionnaires du LME sont en train de se regrouper pour bloquer la vente... qu'ils pensent tomber sur des places plus régulatrices que le LME actuel ...
ça me fait bien rigoler , mais il est vrai que la city n'est pas DU TOUT régulée .. de là à craindre les foudres de la régulation US dont a vu ces derniers temps avec MF Global, en quoi ça consistait ...
bref c'est tout dire !
[size=21]EXCLUSIVE-Big banks may line up to block sale of LME
Tue Jan 3, 2012 3:53pm GMT
Potential bidders CME, ICE would entail U.S. regulation
* Tough regulator could curb holdings of dominant positions
* Blocking stake of 25.1 pct seen achievable
LONDON, Jan 3 (Reuters) - Top bank stakeholders of the London Metal Exchange are likely to amass enough support to block a sale they fear would bring a more heavily regulated owner and hurt their lucrative warehousing businesses, senior industry sources say.
The LME said in September that at least 10 parties had expressed interest in buying it, and analysts estimate it could be worth as much as $1 billion. As a member-owned organisation, the exchange requires approval from members holding 75 percent of outstanding ordinary or "A" shares for any sale.
Potential buyers are likely to include CME Group Inc , IntercontinentalExchange and SGX Singapore Exchange. The first two in particular have stricter U.S. regulators, which could threaten members' businesses.
Big banks such as J.P. Morgan and Goldman Sachs have invested heavily in physical metals business since the economic downturn began by buying warehouses and beefing up their trading teams and financing operations.
<p>Shunting metal around has been a money spinner for them as slowing global growth pulls down commodity prices and leads to stockpiles of surplus material.
La Bourse de Hong Kong sur les rangs pour racheter le LME :
La Hong Kong Exchanges and Clearing (HKEx) a confirmé ce lundi 30 avril « faire partie des nombreuses parties qui étudient l’opportunité » d’acquérir le LME. Le HKEx, une holding détenant trois places boursières de Hong Kong, précise qu’il considérera différentes possibilités de financement en cas de besoin.
Les rumeurs vont bon train depuis l’été 2011 sur une éventuelle cession du London Metal Exchange. La direction avait fait savoir dès octobre dernier qu’elle était potentiellement ouverte à une cession et étudierait les propositions, tout en insistant sur le fait que le LME « n’est pas à vendre »
D’autres Bourses sont intéressées, comme Nyse Euronext, qui a déposé une offre en février 2012, CME Group et IntercontinentalExchange.
Une éventuelle vente devra être approuvée par les actionnaires ; les trois premiers d’entre eux, JP Morgan, Goldman Sachs et le trader en métaux Metdist, détiennent près de 30% du capital.
la bourse de HK ,( pas encore officiellement propriétaire ) annonce son intention de sévir contre la main mise ( tres lucrative ) sur les warehouses( gardiennage des stocks de métaux )de GS, Glencore , JPM et trafigura
en changeant les régles de livraison
rappelons que la proposition d'achat du LME par la bourse de HK est soumise au vote des actionnaires dont font les plus importants sont GS et JPM,
les investisseurs étant, de leur coté, majoritairement favorables à un changement des régles et une meilleure gouvernance
The prospective buyer of the London Metal Exchange has warned that it will clamp down on the lucrative metal warehousing business that has attracted investments from Goldman Sachs and Glencore.
Hong Kong Exchanges & Clearing, which on Friday announced an agreement to buy the 135-year-old group for L1.4 billion, said it was planning to change the rules governing the LME's network of warehouses in an attempt to shorten the wait to take delivery of metal.
Long queues to remove aluminium from LME warehouses have sparked angry confrontations between consumers of metal, such as Coca-Cola, PepsiCo, and General Motors, and warehouse owners, including Goldman, JPMorgan, Glencore, and Trafigura.
Banks and trading houses have rushed to buy warehousing companies to profit from the fact that large quantities of metal have become surplus to requirements since the financial crisis. But now that the metal is needed, consumers say, it can take more than a year to be delivered.
The problem is most acute at warehouses owned by Glencore in the Netherlands and Goldman in Detroit. The premium to buy a cargo of aluminium for immediate delivery has soared to record highs as a result, in spite of large stocks, consumers say.
Charles Li, chief executive of HKEx, told the Financial Times that warehousing was a "very challenging issue." The LME's responses to date -- which include increasing the rate at which the largest warehouses must deliver metal -- "generally speaking fit the problem," he said.
Martin Abbott, chief executive of the LME, has in the past attributed the problem to logistical challenges in removing metal from warehouses and low interest rates that make it easy to finance inventories.
"It is no longer just a simple logistic challenge issue. ... There are behaviour issues. We need to look at the rules, what behaviour they encourage and what behaviour they discourage," Mr Li said. In a later statement clarifying his views, he added: "Our position is no different from the current LME position."
HKEx's bid must still pass a vote of the LME's shareholders, of which the largest are JPMorgan and Goldman Sachs.
Warehouse companies earn a fee while they hold metal, even if it has not left because of queues. Consumers and some traders have complained that because queues guarantee a future revenue stream, producers are being persuaded to store their metal.
"As long as warehouses continue to offer incentives to attract metal that is guaranteed to stay in storage for prolonged periods, less metal is available for actual usage," said Nick Madden, chief procurement officer at Novelis, the top buyer of aluminium.
The LME said: "We are constantly monitoring the way that LME warehousing functions and will take action when appropriate."
Simon Collins, head of dry bulk commodities at Trafigura, the second-largest metals trader, said: "We would welcome a review by HKEx of LME rules on warehousing and delivery."
The dispute, along with a disagreement about raising trading fees, has caused many LME shareholders to lose faith in its management structure. Half the board is made up of banks and brokers, including Goldman.
Numerous investors say concerns about governance are one reason LME shareholders are likely to vote for a sale.
B L O G D E L ' A P O C A L Y P S E F I N A N C I E R E Analyse et Revue de Presse Internationale http://www.jovanovic.com/blog.htm BLYTHE MASTERS RISQUE DE PERDRE UNE BATAILLE MAJEURE CONTRE LES CHINOIS du 18 au 22 juin 2012 : La bataille "homérique" que mène Blythe Masters au nom de la Fed contre les Chinois pour contrôler le cours de l'argent métal a soudain et dramatiquement tourné en la faveur de ces derniers, avec une phénomènale martingale de "derrière les fagots", en fait "à la pékinoise", jugez-en: les capitaux chinois ont tout bêtement ACHETE la bourse des métaux de Londres !!!!! si, si, le très controversé London Metal Exchange... Boum! Rien que ça! Leur proposition a été acceptée...
La presse anglaise est furieuse (notez que la presse française, elle, n'a pas été scandalisée quand la Bourse de Paris a été vendue au New York Stock Exchange, cela vous montre à quel point elle est aux ordres) : "Comme un mouton, Londres s'est laissé prendre son LME". "Hong Kong Exchange and Clearing has paid 1.4 billion pounds for the London Metal Exchange, a company which makes 11.2m operating profit ... Clearly HKEx ... has basically agreed to pay any price necessary". Certes, le LME n'est pas le CME mais Londres reste quand même la plateforme principale en Europe, et pour contrôler le prix des métaux... eh bien il n'y a rien de mieux.
- la proposition de la bourse de HK n'est pas encore validée
- le LME c'est pas le london bullion market, et par conséquent, y'a aucune incidence sur l'argent métal !!! ==> le lme, c'est tous les métaux, sauf les précieux ( or, argent, platine et palladium qui se tradent sur le LBMA )
ça fait beaucoup d'inexactitudes pour un court paragraphe
One of Britain’s last great independent financial markets has agreed to sell itself to China. The 137-year-old London Metal Exchange has agreed a £1.4bn takeover from Hong Kong Exchanges and Clearing (HKEx) after a nine-month auction process which saw bids from InterContinental Exchange, CME Group and NYSE Nasdaq.
The deal will mean massive windfalls for the LME’s largest shareholders, JP Morgan, Goldman Sachs and Metdist, the metal brokerage owned by the LME’s former chairman Raj Bagri’s family.
The deal will pull together the LME which accounts for 80 per cent of the world’s base-metal options and futures contracts with China, which accounts for 42 per cent of the world’s metal consumption.