Hong Kong’s stock exchange operator said its $2.2 billion offer is the preferred bid for the London Metal Exchange. A takeover of the LME, which handles some 80% of global trade in metals futures, will help Hong Kong diversify out of its slow-growing equities business and help the 135-year old LME  to compete better against Asian hubs like Singapore. The LME’s board plans to recommend shareholders accept the offer at a meeting expected before the end of July.
See http://www.mining.com/2012/06/15/end-of-an-epoch-as-hong-kong-exchange-takes-over-lme/.
See also http://online.wsj.com/article/SB10001424052702303734204577467912492917718.html?mod=googlenews_wsj.
For background on the LME, see http://www.minesandcommunities.org/article.php?a=11727.