Report: SGX Working on Formal Offer for Baltic Exchange

The Singapore Exchange (SGX) is preparing a formal offer to purchase London’s Baltic Exchange, after the parties entered exclusive talks on the acquisition in May, Reuters cited sources close to the matter.

The sources added that both parties reached key milestones related to the acquisition.

Following discussion with a number of interested bidders, which included CME Group (CME.O), ICE (ICE.N) and Platts, the Baltic Exchange and SGX signed the exclusivity agreement.

London’s exchange earlier said that SGX’s proposal was “attractive” and that it “has the potential to enhance significantly the position of the Baltic, serving the needs of Baltic members, shareholders and other stakeholders.”

The exclusive talks were extended until August 31.

At the end of July, the Baltic Exchange sent an agreement, which documents and reinforces existing processes established by the exchange and the panellists, to each of its 48 shipbroking panellists for signature.

The proposed agreement, sent in relation with the potential acquisition by SGX, formalises the relationship between the Baltic Exchange and its panellists which has been developed over more than 30 years.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Mar 2019 >>
MTWTFSS
25 26 27 28 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

LNG2019

LNG2019 features the largest number and highest level of LNG industry leaders.

read more >

Singapore Maritime Week (SMW) 2019

very year, SMW gathers the international maritime community for a week of flagship conferences…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >