Baltic Exchange Board and SGX Agrees on Bid for London Firm

Singapore Exchange and the Baltic Exchange announced on Monday that they have agreed on SGX's bid of 160.41 pounds per share and 19.30 pounds per share as a final dividend, higher than the initial 18.80 pounds per share dividend extended two weeks prior. The deal puts the market value of the London exchange firm at around 87 million pounds.

SGX looks to grow its presence in Europe through its acquisition of the Baltic Exchange. The takeover is part of SGX's ambition to further delve into the market for shipping finance with the Baltic's membership that is dominated by European shipowners.

The deal is seen to be completed by November if a vote of shareholders backs the takeover.

News are provided by InstaForex