Hong Kong Stock Exchange Puts LME Clearing Link on Hold Due to Brexit

by , Jeff Yoders on JULY 21, 2016

The Hong Kong Stock Exchange will not move forward with its planned link to the London Metal Exchange and Komatsu has bought Joy Global, Inc.

HKEx-LME Link on Hold

The U.K.’s vote to leave the European Union has prompted the Hong Kong stock exchange to put on hold a commodities clearing link with its London Metal Exchange (LME), dealing a blow to its bid to make the LME more profitable.

Hong Kong Exchanges & Clearing Ltd. Chief Executive Charlies Li said the planned link-up would now have to wait due to the uncertainty created by the vote last month.

Komatsu Buys Joy Global for $2.9 Billion

Japan’s Komatsu Ltd. has agreed to buy U.S. mining equipment manufacturer Joy Global Inc. for about $2.9 billion, its biggest-ever acquisition.

The Japanese manufacturer of construction and mining equipment said on Thursday that it would buy 100% of the Milwaukee, Wis.-based company for $28.30 per share, about a $20 premium to Wednesday’s closing price.

Source: MetalMiner