La Hong Kong Stock Exchange is about to buy the London Metal Exchange, the world's largest metals contracts market. In the context of this acquisition, now imminent, stands out, among the seventy members of the LME, the presence of Prysmian, a Milanese company in the cable sector. In fact, the list of shareholders also includes Prysmian Cables Limited and Prysmian Cables & Systems.
The subsidiaries of the group led by Valerio Battista each hold 12 shares, for a total of 0,2% of the LME's ordinary share capital. The purchase of this stake dates back to the times of Pirelli Cavi and was taken over because they allowed Prysmian to participate in the purchases of raw materials from the LME.
The cash offer of Hong Kong Exchanges & Clearing Limited on which the agreement was found for the entire capital of the LME, is 1,4 billion pounds, or £107,6 per share. The package held by Prysmian is therefore worth around 3,2 million euros, at current exchange rates.
