THE Singapore Exchange (SGX) confirmed that it has entered into exclusive discussions to buy maritime information provider Baltic Exchange in London.
In a statement on Wednesday, the exchange said the period of exclusivity will last till June 30.
The London Metal Exchange, CME Group, ICE , state-run conglomerate China Merchants Group and Platts were reportedly among other potential bidders.
Revealing more details of its proposal for the first time, SGX said that it will keep Baltic Exchange's headquarters in St Mary Axe in London, maintain the existing market benchmark production and governance model, and also its multiple clearing house model.
Both exchanges will meet Baltic Exchange's shareholders and stakeholders over the next few weeks to explain and discuss the offer, said SGX, while emphasising that there is no assurance that the exclusive talks will lead to any definitive agreement.
Said SGX CEO Loh Boon Chye: "We are delighted to have been granted exclusivity to discuss this potential transaction and look forward to working with Baltic Exchange's shareholders, members and relevant stakeholders to further discuss our proposals."