25. October 2010 12:57
As has been extensively reported (SMH summary of merger, summary of ACCC position), the ASX and the SGX have announced this morning that they have entered into a merger implementation agreement. The agreement will be effected by scheme of arrangement, with SGX acquiring all issued ordinary shares in ASX. Associated shareholder meetings and court hearings are anticipated to occur in the first half of 2011.
The combined exchange group, ASX-SGX Limited, will have pro forma revenues of approximately US$1.1 billion and pro forma earnings before interest and income tax of approximately US$700 million, based on the audited financial statements of ASX and SGX, each for the financial year ended 30 June 2010.
The two exchanges will maintain their current branding, and will be locally regulated and legally distinct.
The full media release is available on the ASX site.