SINGAPORE: The Singapore Exchange (SGX) has submitted a non-binding bid for the acquisition of global shipping market hub The Baltic Exchange, it announced on Friday (Feb 26).
In a statement, SGX said that as "discussions are still preliminary, there is no certainty or assurance that the possible transaction will materialise or that any definitive or binding agreement will result from such discussions".
It added that it will "comply with the listing rules of the Singapore Exchange Securities Trading Limited, and will promptly disclose any material developments in regard to the Possible Transaction by way of public announcement".
The offer nonetheless is SGX's most high-profile bid since 2011, when its US$8 billion offer for Australian Securities Exchange was shelved by the Australian government. However, it is not going to be a simple task for SGX as it is not the only suitor vying for the Baltic Exchange.
A Reuters report on Thursday stated that The Baltic Exchange had held talks with potential buyers, including SGX, months after the London Metal Exchange made an approach to buy it. CME Group, ICE and Platts are said to be among the potential buyers.