LME shareholders to vote on takeover

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The Independent Online

Shareholders in the London Metal Exchange will vote on 25 July on a £1.4bn takeover offer by the Hong Kong stock exchange, which could deliver a payout of £7.4m for the LME's chief executive, Martin Abbott.

Hong Kong Exchanges and Clearing Ltd (HKEx) and the LME, the world's largest marketplace for metals such as copper and aluminium, agreed the deal in principle last month.

Some smaller shareholders have voiced opposition to a takeover but, more significantly, top shareholder JP Morgan is also believed to be reluctant to vote in favour.