Rival CME joins race for London Metals Exchange

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The LME, the world's largest metals futures market, is meeting next week to consider offers, it is understood.

LME chief executive Martin Abbott had set February 15 as a deadline for takeover bids that will be reviewed by a special committee. NYSE Euronext has also submitted an expression of interest in the LME, according to a report by Bloomberg.

The main obstacle to any deal may be regulatory approval after the European Union earlier this month rejected the proposed merger of Deutsche Börse NYSE Euronext. In the past 15 months, $37 billion (£23.34 billion) in proposed exchange industry takeovers have failed.

The LME, which handles about 80% of the global trade in metals, is considering ending its independence after record trading volumes attracted multiple bidders.

None of the parties involved offered any comment.
The LME, owned by its members including Goldman Sachs, Barclays Plc and Citigroup, handled
$15.4 trillion of contracts last year.

The idea of a sale has proved to be controversial. Some members are reluctant to give up control of the exchange while others are keen to profit from their shareholdings.

Shareholders would enjoy a windfall if the sale went through.