CME in talks to buy UK’s NEX for $5.4 bn

NEW YORK: US exchange operator CME Group is in advanced talks to buy Britain’s NEX Group for about £3.8 billion ($5.4 billion) to create a cross-border trading powerhouse. NEX, formerly known as ICAP, said on Wednesday that CME Group had made a takeover proposal of 10 pounds per share, a premium of around 3 per cent to the stock’s closing price. Talks with CME — one of the world’s biggest exchange groups that owns the Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange - are at an advanced stage, NEX Group added in a statement after the market close. NEX said there was no certainty an offer would be made. — Reuters