The Hong Kong Stock Exchange will not move forward with its planned link to the London Metal Exchange and Komatsu has bought Joy Global, Inc.
HKEx-LME Link on Hold
The U.K.’s vote to leave the European Union has prompted the Hong Kong stock exchange to put on hold a commodities clearing link with its London Metal Exchange (LME), dealing a blow to its bid to make the LME more profitable.
Hong Kong Exchanges & Clearing Ltd. Chief Executive Charlies Li said the planned link-up would now have to wait due to the uncertainty created by the vote last month.
Komatsu Buys Joy Global for $2.9 Billion
Japan’s Komatsu Ltd. has agreed to buy U.S. mining equipment manufacturer Joy Global Inc. for about $2.9 billion, its biggest-ever acquisition.
The Japanese manufacturer of construction and mining equipment said on Thursday that it would buy 100% of the Milwaukee, Wis.-based company for $28.30 per share, about a $20 premium to Wednesday’s closing price.