Baltic Exchange succumbs to Singapore as shipping turmoil deepens
The crisis in global shipping and a tax exodus by big Greek vessel owners have helped finally seal the fate of London's Baltic Exchange after at least three approaches to buy it over the last six years of its near-three centuries history.
Some 95 percent of shareholders voted on Monday in favour of a takeover deal from Singapore Exchange (SGXL.SI), valued at 87 million pounds, trumping more than one effort from the London Metal Exchange (0388.HK) to snap it up.
"For Baltic shareholders it does release value, and with many of them being shipbrokers in a very brutal market, that is going... read more
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