SYDNEY/SINGAPORE : EXCHANGE DEAL TERMINATED

Singapore Exchange terminated its $8 billion bid for australian's ASX. After the aussi govt formally rejected the offer, saying changes to the country's financial system were needed before foreigners could buy the bourse.
Since 2001, it was the first time the aussi govt has rejected a majore foreign takeover on national interest ground. Some traders and commentators in aussi however, were skeptical about the govt's reason for blocking the deal. They said concerns about the clearing & settlement system were a smokescreen for what would have been a sensitive decision for the minority govt. Courtesy ET.

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