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.
LONDON, Sept 23 (Reuters) – The London Metal Exchange, the
world’s biggest market for industrial metals that has hit record
volumes this year, is considering a sale of itself after being
approached about deals, it said on Friday.
The 134-year-old exchange, owned by trading houses and banks
that use the market, declined to identify its suitors, but
analysts said two potential bidders were the ICE exchange
in the United States and the London Stock Exchange
LONDON (Reuters) – The London Metal Exchange, the world’s top market for industrial metals that has had surging volumes recently, is considering selling itself after being approached about deals, it said on Friday.
The LME, owned by trading houses and banks that use the market, said it was being advised by investment bank Moelis & Company but declined to identify its suitors.
NEW YORK/LONDON (Reuters) – Gold tumbled nearly 2 percent on Monday, with the U.S. dollar and Treasuries trumping bullion as preferred safe havens for investors seeking shelter from euro zone woes.
Trade remained unusually volatile despite a late revival in gold after some positive noises emerged from a Greek call with its lenders.
NEW YORK/LONDON (Reuters) – Gold lost its appeal as a safe haven on Monday, falling over 2 percent as fears of a Greek debt default and larger euro zone problems drove investors into bonds and the dollar.
A meeting of European officials to tackle the region’s debt crisis ended without a solution, stoking fears of a possible Greek default. Investors got out of risky trades and took refuge in U.S. Treasuries and the dollar.
LONDON, Sept 19 (Reuters) – Gold prices rallied on Monday as
a series of political setbacks over the weekend reinforced fears
about the deteriorating euro zone debt crisis, prompting
investors to seek refuge in the precious metal.
Spot gold was bid at $1,821.00 a troy ounce at 0900
GMT from $1,810.73 late in New York on Friday. The precious
metal hit a record high of $1,920.30 on September 6.
LONDON, Sept 16 (Reuters) – Gold tumbled to a two-week low
on Friday as diminishing liquidity concerns after central banks
moved to provide dollars prompted a bout of selling, but strong
physical buying interest from Asia later helped the precious
metal to bounce.
Spot gold hit $1,761.94 a troy ounce, its lowest
since August 26. It was bid at $1,776.40 an ounce at 0945 GMT
compared with $1,788.64 late in New York on Thursday.
LONDON (Reuters) – The government said the stockpiling of strategic and rare earth metals is undesirable and incompatible with its free-market approach to economic policy.
In a letter to the Science and Technology Committee published on Wednesday, the government said: “The (European Union) Commission needs to remain vigilant to avoid protectionist responses, such as state or EU-led stockpiling, to the unilateral export controls of some exporter countries.”
LONDON, Sept 14 (Reuters) – Economic troubles in Europe and
the United States are likely to shrink China’s exports, harm its
economy, reduce its demand for copper and possibly trigger a
price drop in the industrial metal over the coming weeks.
Jitters about debt default in Greece and worries about the
health of the world’s largest economy, the United States, have
in recent weeks combined to send many markets including equities
LONDON (Reuters) – Europe’s sovereign debt and banking crisis is expected to push the region into recession over the next 12 months, and most investors do not expect higher U.S. interest rates until 2013, a survey showed on Tuesday.
The monthly survey taken by Bank of America Merrill Lynch from September 1 to 8 showed 55 percent of European fund managers see Europe suffering two quarters of negative gross domestic product growth.