Budget Day in the UK is clearly a good time to bury bad news and also to rack up, almost by stealth, a multi million dollar deal away from the prying eyes of world media and world commentators.
China Merchants Group [CMG] the powerful Chinese state run conglomerate has reportedly made an approach to buy out London's Baltic Exchange.
If it succeeds then China will effectively control the worlds shipping market, by owning key shipping benchmark indices and a ready made access to the dollar led freight derivatives market.
The bid is said to have been brokered by a secretive subsidiary China Merchants Securities. Withy the World downturn in shipping and commodities, China which has built up a huge international war chest can easily cherry pick key firms, and at a fraction of their market value of just a few years ago. At home in the City of London, an official of the Baltic Exchange refused to confirm City rumours that it is in discussion with the Chinese.
However the Baltic Exchange confirmed 'exploratory approaches' had been tabled by Singapore Exchange. This follows a long line of tentative approaches.
The last annual report year ending March 2015 after tax profits of 1.3 million pounds (£901,809 in 2014.
JULIAN BRAY +44(0)1733 345581 Aviation Expert, Journalist & Broadcaster, Aviation Security & Airline Operations Expert, Travel / Maritime & Cruise Industry, NUJ, EQUITY, LIVE ISDN LINK, Broadcast ISDN COOBE ++44 (0)1733 345020 e&oe Old faithful NOKIA: 07944 217476 www.aviationcomment.com