Hong Kong stock exchange in talks to buy London counterpart

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The Hong Kong stock exchange says it has started talks to buy the London Stock Exchange that would value the British company at 29.6 billion pounds ($36.6 billion).

The Hong Kong Exchanges and Clearing Ltd. said Wednesday that a deal would provide the London Stock Exchange with a key opening to Asian markets and underpin the British capital's role as a financial hub.

The offer comes at a time of heightened uncertainty for London and British companies because of Brexit, which threatens to create barriers to trade for the country. A weakened pound has also made UK companies cheaper takeover targets.

The Hong Kong exchange is required to make a binding offer by October 9.

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