SINGAPORE Exchange (SGX) could be on the verge of a historic takeover, with an estimated A$6 billion (S$7.65 billion) bid for Australia's ASX, reports suggest.
The move by SGX - which has been under the leadership of merger maestro Magnus Bocker for under a year - could create Asia's biggest exchange at a time when SGX is facing pressure to outshine Hong Kong, and establish itself as a strong commodities player in Asia.
Trading of shares of SGX and ASX was halted yesterday. While SGX had no comment on the deal, ASX said it was in discussions on a 'business combination'.
'A party has recently reactivated confidential discussions with the ASX concerning a possible business combination,' it said in a statement.
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