SGX to continually pursue ASX merger

Singapore Exchange (SGX) will try to push through its proposed $7.8 billion acquisition of Australian stock exchange ASX despite strong opposition in Australia. SGX's planned takeover of ASX has been cleared by Australia's competition watchdogs but continues to face strong opposition from local politicians.

"All the reactions that I have seen so far, I am not really surprised by," SGX CEO Magnus Bocker said in an interview with Singapore's Straits Times.

"We need to give it a sincere and good try," he added.

Mr Bocker said the merger of the Singapore and Australian bourses was in the interest of both countries and offered many benefits to listed companies, investors and brokers.

Australia's Parliament must vote to lift an ownership cap for the deal to go through.

Bocker said that while SGX and ASX would continue to operate as separate entities after the proposed takeover, there were efficiencies to be gained from sharing technology platforms and product development.