HONG KONG, Sept 12 (Reuters) - Shares of Hong Kong Exchanges and Clearing Ltd (HKEX) 0388.HK were set to fall 3.3% on Thursday after the bourse unveiled a $39 billion takeover approach to the London Stock Exchange Plc (LSE) LSE.L on Wednesday.
HKEX stocks were set to open at HK$238, compared with a 0.5% gain in benchmark Hang Seng Index .HSI.
The proposed deal is aimed at creating a combined group better able to compete with U.S. rivals such as Intercontinental Exchange Inc ICE.N and CME Group inc CME.O. It is contingent on LSE abandoning a deal to acquire financial information provider Refinitiv.
HKEX, whose main shareholder is the Hong Kong government, said its 31.6 billion pound ($38.97 billion) cash-and-share transaction proposal represented a 22.9% premium to the LSE's closing stock price on Tuesday of 8,361 pence.
($1 = 0.8110 pounds)
(Reporting by Donny Kwok; Editing by Kim Coghill)
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