Shareholders of The Baltic Exchange say aye to acquisition by Singapore Exchange

Shareholders of the Baltic Exchange approved all the resolutions required for the proposed acquisition by the Singapore Exchange, said SGX.
Shareholders of the Baltic Exchange approved all the resolutions required for the proposed acquisition by the Singapore Exchange, said SGX. PHOTO: REUTERS

SINGAPORE - Singapore Exchange (SGX) said that the shareholders of The Baltic Exchange today approved all the resolutions required in connection with the proposed scheme of arrangement for the acquisition of the Baltic Exchange.

Implementation of the scheme remains subject to the satisfaction of certain conditions which include the High Court making an order sanctioning it at a court hearing and the Financial Conduct Authority's approval of the change of control of Baltic Exchange Derivatives Trading, the regulated entity of the Baltic Exchange.

SGX CEO Loh Boon Chye said: "We are very pleased at the outcome of the vote and thank Baltic's shareholders for their strong support.

"We now look forward to completing the transaction and realising the growth opportunities as we bring together two important maritime centres."

Last month, the board of the Baltic Exchange unanimously recommended that its shareholders vote in favour of the deal.

The 272-year-old maritime information provider said its board considered the terms of the proposed acquisition fair and reasonable.

It had been advised by Nomura International, which had in turn relied on the directors' commercial assessment of the takeover.

The Baltic Exchange chairman Guy Campbell said the deal will accelerate the growth and development of the exchange beyond what it can achieve on its own.