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London Metal Exchange rejects NYSE bid: source

Reported by France 24 on Wednesday, 16 May 2012 (on May 16, 2012)

The London Metal exchange has rejected a takeover bid by transatlantic exchange operator NYSE Euronext, a source close to the matter told AFP Wednesday.

NYSE made the bid for the highly-valued LME in February. An NYSE spokesman would not confirm the rejection, but told AFP: "We put in a proposal that we believed offers a fair valuation, and wish them well."

The 135-year-old LME, the world's biggest metals market by volume, is seen as a key prize amid a vast consolidation of the financial exchange industry in recent years.

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