The London Metal Exchange, the world’s largest metal-trading platform, should be able to get an offer of at least a billion pounds ($1.6 billion), CEO Martin Abbott told CNBC.
“I’m not going to get into public speculation,” Abbott said on CNBC Asia’s “Squawk Box” on Friday. “That number has been put up in the press. We haven’t put it there. As a matter of personal pride, as the CEO, I ‘d like to think that we’d get there at least.”
The LME, which handles about 80 percent of global futures trading for commodities like aluminum, copper and zinc, has winnowed down the list of more than 10 interested parties in the first round, Abbott said. He declined to reveal how many remain in the second round, but said they have until May 7 to submit a new bid.
The 135-year-old exchange announced in September last year that it had received preliminary offers of interest from 10 potential suitors. Among the bidders were U.S. exchanges NYSE Euronextand CME Group , according to media reports. Asia’s largest bourse operator, Hong Kong Exchanges and Clearing , also said end-April that it was considering a bid.
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