…HKEX countered LSE’s cold response with a charm offensive, bringing in UBS Group AG and HSBC Holdings Plc to try to persuade shareholders of the merits of its proposal, Bloomberg reported.

“I don’t think the HKEX shareholders were keen for them to take on even more debt,” said Niki Beattie, founder of consultancy Market Structure Partners in London. “With the backdrop of unrest in Hong Kong, it probably would have been difficult for both sides to ignore it and that could be blown into something bigger on both sides. Therefore better to save face earlier on.” …