Singapore bids for Australian stock exchange

The Singapore Stock Exchange (SGX) has bid $8.3 billion for the Australian Stock Exchange (ASX), it announced on Monday morning. If the deal gains regulatory approval in both countries, it will create the second-biggest bourse in Asia by number of companies listed, and the fourth-biggest in terms of market value of companies listed. ASX shares rose sharply after the announcement, although SGX stock fell slightly. Read more: BBC News