Singapore bourse in exclusive talks to buy London's Baltic Exchange

London's Baltic Exchange has entered into exclusive talks with the Singapore Exchange over a possible sale.
London's Baltic Exchange has entered into exclusive talks with the Singapore Exchange over a possible sale.PHOTO: REUTERS

SINGAPORE/LONDON (REUTERS) - London's Baltic Exchange has entered into exclusive talks with Singapore Exchange (SGX) over a possible sale, months after approaches from several suitors to acquire the centuries-old business, sources familiar with the matter said on Wednesday.

The Baltic Exchange and SGX declined to comment.

The advanced talks do not mean a sale is guaranteed, said the sources, who declined to be identified as the news is not public.

The London Metal Exchange, CME Group, ICE , state-run conglomerate China Merchants Group and Platts were among other potential bidders.

In late February, the Baltic Exchange confirmed it had received a number of "exploratory approaches" after SGX said it was seeking to buy the hub of the global shipping business.

One source said the potential deal might value Baltic at about US$100 million (S$138.1 million) .