Bloomberg News

LME Board Members Arrive at Exchange to Discuss Takeover, Fees

February 24, 2012

Feb. 23 (Bloomberg) -- London Metal Exchange board members arrived at the exchange for the meeting to discuss takeover bids and trading fees.

Martin Abbott, chief executive officer of the exchange, and Gavin Prentice, Jim Coupland and Gabriela Grillo were among the other directors seen entering the exchange building today. The LME got preliminary bids from CME Group Inc., NYSE Euronext and Intercontinental Exchange Inc., according to three people with direct knowledge of the matter.

“We have no idea” how long the meeting will last, Abbott said.

The LME held a meeting with members this month after saying in December it planned to raise fees by adding a user charge in March. Last month, three directors wrote to members opposing the plan, a person familiar with the letter said at the time. The exchange handles more than 80 percent of trade in nonferrous metals futures led by aluminum, copper and zinc.

“The first proposal was always subject to fine-tuning and that’s what I expect today,” Coupland, head of industrial metals trading at Standard Bank Plc, said.

To contact the reporter on this story: Agnieszka Troszkiewicz in London at atroszkiewic@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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