The IntercontinentalExchange Inc. (ICE) has announced a £1.3bn (US$2bn) bid for the London Metal Exchange (LME), according to a UK-based newspaper.
Separately, Hong Kong Exchanges and Clearing Ltd. - ICE's rivals in the bidding for the 135-year-old London commodities bourse - is believed to have made a bid of ~£1.3bn, the UK paper reported.
Both bidders have committed to maintaining the outcry trading at the LME, the paper added.
The LME is the world's largest metals exchange and accounts for at least 80% of trade in non-ferrous metals such as copper and aluminum, which are prized because they are lightweight and durable or highly conductive.