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.
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.
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.
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.
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.