Economy
In reply to the discussion: STOCK MARKET WATCH, Monday, December 12, 2011 [View all]snot
(10,515 posts)It's from October, so sorry if I just missed it 'til now:
Goldman set to be LME sale winner
"Goldman Sachs has more than quadrupled its stake in the London Metal Exchange in the past two years, making the US investment bank the biggest potential winner from the proposed sale of the 130-year-old exchange.
"The LME, the centre for global metals trading, said last week it had been approached by more than 10 suitors over a sale that shareholders hope will value it at more than £1bn ($1.6bn). That would give the shares a value of about £77.50 each, 15 times the last traded price, putting Goldman and other shareholders in line for a large windfall.
"Ownership of the 130-year-old exchange, which houses the last open outcry trading pit in Europe, is restricted to its 94 members and shares rarely come on the market. The most recent trade in LME shares was the sale of the shareholding of Lehman Brothers European arm, which Goldman bought in July, according to people familiar with the situation. Since August 2009 it has raised its stake from 300,000 shares to 1.23m.
"The buying spree has made the bank the LMEs largest shareholder with a stake of 9.5 per cent, potentially worth as much as £95m ($150m)."