Baltic Exchange in Sale Talks with SGX, Others

first_imgzoom Singapore Exchange Ltd has submitted a non-binding bid for the purchase of the Baltic Exchange, an iconic name in global shipping.Other bidders include CME Group (CME.O), ICE (ICE.N) and Platts, Reuters reports.The Baltic Exchange confirmed in a statement that it has received a number of exploratory approaches and that it is now in confidential discussions with selected third parties regarding its future strategy and ownership.However, the exchange noted that there can be no certainty that an offer will be made or the terms on which any offer might be made.“At this stage, no formal offer has been received, but when considering any approach the Board will first carefully consider the views and interests of all its stakeholders.  Should we receive an offer, we will only recommend an offer that meets not only the interests of shareholders, but also the interests of ordinary Baltic members, index panel members, the users of Baltic Exchange freight market information and the principals and brokers who trade in the FFA market,” Baltic Exchange Chairman Guy Campbell said.The Baltic Exchange has appointed Nomura International PLC and Norton Rose Fulbright LLP as advisors.The Baltic Exchange, founded in 1744, has 650 companies in its membership, which predominantly come from the world shipping interests. Baltic Exchange members are responsible for a large proportion of all dry cargo and tanker fixtures as well as the sale and purchase of merchant vessels.Baltic Exchange services also include dry, wet and gas freight market information, self-regulated chartering, sale and purchase and freight derivatives markets.last_img