LONDON: State-run conglomerate China Merchants Group has made an informal bid to buy London’s Baltic Exchange, becoming the latest contender for the business that has been the hub of the global shipping market for centuries, two sources told Reuters.
The approach was made by the group’s subsidiary China Merchants Securities, according to the sources, who declined to be identified as the matter is not public. “They are the latest (suitor) and certainly, with such a massive group, it shows how this is heating up,” one source said.