Martin Abbott News
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When Caroline Silver helped negotiate a $2.2 billion price for the London Metal Exchange last year, she woke a moribund market for cross-border takeovers that may yield an $8.2 billion windfall for NYSE Euronext.
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The London Metal Exchange, the world’s largest metals marketplace, reported a 28 percent jump in revenue last year after raising fees.
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Martin Abbott has been a fashion journalist, advertising salesman, pub manager, security guard and coal miner. The chief executive officer of the London Metal Exchange, the biggest metals market, may soon be a dealmaker.
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The London Metal Exchange set Feb. 15 as a deadline for takeover bids that will be reviewed by a special committee, Chief Executive Officer Martin Abbott said.
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A proposed requirement for London Metal Exchange-monitored warehouses to deliver an additional 500 metric tons of metal a day is “reasonable” and will be under review, Chief Executive Officer Martin Abbott said.
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London Metal Exchange business will be “good” this year with China, the world’s largest buyer of industrial metals, still in expansion, Chief Executive Officer Martin Abbott said.
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The London Metal Exchange, the 134 year-old bourse handling 80 percent of global trade in metals futures, said it got more than 10 “expressions of interest” and may recommend a bid to shareholders as early as March.
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The London Metal Exchange said it can’t afford a short-term view on waiting times at its warehouses as Hong Kong Exchanges & Clearing Ltd., which is buying the bourse, said it’s focused on the issue.
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The London Metal Exchange, the world’s largest metals market, will adjust its warehouse rules to be “what’s good for the broader market,” said Charles Li, chief executive officer of Hong Kong Exchanges & Clearing Ltd.
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The London Metal Exchange said it received “many” expressions of interest the past 10 days in a possible takeover of the 134-year-old bourse that handles 80 percent of global trade in metals.
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