SGX's takeover of Baltic Exchange approved by shareholders

The deal is worth $154M.

SGX's pursuit of the Baltic Exchange proved successful after the latter's shareholders approved on Monday an 87 million pound (S$154M) takeover deal. The deal gives Singapore's local bourse an access to the multi-billion-dollar freight derivatives market.

During months of talks to acquire one of the London's olderst institutions as the global shipping industry grapples with poor market conditions, SGX offered Baltic shareholders 160.41 pounds (S$283.1) per share.

As a final dividend, shareholders will receive separately 19.30 pounds (S$34.05) per share from the unlisted Baltic.

Here's more from Reuters.

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