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Hong Kong Stock Exchange Drops Nearly $37 Billion Bid for London Rival

Hong Kong Exchanges & Clearing Ltd. abandoned its $36.6 billion attempt to take over London Stock Exchange Group PLC, saying it couldn’t pursue the deal without any input from the target’s management.

The surprise cash-and-shares proposal, unveiled in September amid political upheaval in both Britain and Hong Kong, was quickly rejected by LSE’s board. It would have created one of the world’s largest exchange operators, overseeing markets in London, Milan and Hong Kong.

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