Deals wrap: Singapore Exchange’s ASX bid in trouble

April 5, 2011

Singapore Exchange (SGX) Chief Executive Officer Magnus Bocker (R) talks as Australia's ASX Ltd Managing Director and CEO Robert Elstone listens during a media briefing in central Sydney October 25, 2010. REUTERS/Daniel Munoz Consolidation in the Asian exchanges industry hit a roadblock on Tuesday when Australia said it intends to reject Singapore Exchange’s proposed $7.8 billion bid for Australia’s ASX on “national interest” grounds.

Although a final decision has yet to be made, share moves hinted that the market doubts the deal can be salvaged. All eyes will now be on other major exchange deals awaiting approval from regulators and politicians.

Texas Instruments is buying National Semiconductor for $6.5 billion, paying a hefty 78 percent premium to merge two of the industry’s oldest firms into a dominant force in analog microchips.

It’s another spotlight-grabbing win for veteran deal advisor Frank Quattrone, whose boutique investment bank advised National Semiconductor on the sale.

Google’s M&A machine may be slowing down after years of going full throttle as it finds itself in antitrust limbo, argues Reuters Breakingviews columnist Rob Cox

Senior dealmakers at the Reuters Global M&A Summit said Chinese firms are facing a series of regulatory and political challenges in buying U.S. companies, which is driving them to other countries that are seen as friendlier.

DealBook editor Andrew Ross Sorkin wonders why typically outspoken Berkshire Hathaway chief Warren Buffett has been so quiet about the speculations of insider trading that continue to spin around his former heir apparent David Sokol and draws up a list of questions that deserve answers from Buffett.

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