Bidders submit proposals for metal exchange

The London Metal Exchange (LME) has received a number of detailed proposals from a short-list of bidders regarding a potential acquisition of the exchange, it said on Tuesday. The LME, the world's biggest metals marketplace, said the board would now consider the proposals and give shareholders further information "as appropriate". The LME did not say who the proposals were from, how many had been submitted or how much was being offered. Sources close to the matter have said CME Group, NYSE Euronext, InterContinental Exchange and Hong Kong Exchanges and Clearing Ltd. (HKEx) are on the list. Analysts and source have valued the exchange at around 1 billion pounds ($1.62 billion). HKEx said on Monday it was confident of winning an auction to take over the LME, as it looks to China to drive new business growth in the face of declining stock market activity. "The discussions shareholders have held with the LME and its financial advisers during the process have drawn out issues of importance to users of the exchange," the LME said in a statement. "The board welcomes all input and will engage in further dialogue with the LME's shareholders to reach the best possible outcome for the market."