The board of LME Holdings Limited, the parent company of the London Metal Exchange, announced Wednesday that the company's shareholders have approved the acquisition of LME Holdings by Hong Kong Exchanges and Clearing Limited.
At the LME Court Meeting, a majority of ordinary shareholders who voted (representing over 75 percent of all ordinary shares) voted to approve the acquisition.
Martin Abbott, Chief Executive of LME Holdings and the LME said: "I am delighted that our shareholders have overwhelmingly supported the board's recommendation. The deal with HKEx, Asia's leading exchange, will secure the LME's position as the world's foremost metals trading venue."
The acquisition arrangement is anticipated to close in Q3 subject to certain conditions.