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Australia's Treasurer denies plan

Treasurer Wayne Swan on Monday dismissed reports that a proposed A$8.4 billion merger between the Australian and Singaporean bourses is likely to be rejected.

The Australia Exchange (ASX) and Singapore Exchange (SGX) announced plans last October to create one of the world's largest and most diversified financial trading hubs.

But political disquiet has been growing in Australia, with concerns raised over foreign ownership and Singapore's democracy and rights record.

In a bid to address the issues, the exchanges revamped their proposal last month, promising an equal number of directors from each country. They also pledged to maintain operations, assets and key staff in Australia, and to invest in new products.

But the Australian Financial Review cited government sources Monday predicting the deal would not pass through parliament after the proposal was submitted to Australia's Foreign Investment Review Board on March 11.

Swan said such reports were speculation.

"I have no idea where those reports have come from," he told ABC radio.

"I will take my decision on the evidence before me, based not only on the recommendation by the Foreign Investment Review Board but a thorough consideration of all the issues in good time...

"My decision will be taken in the national interest and it will have nothing to do with political considerations whatsoever," he said.

The deal must be reviewed by Australia's securities, foreign investment and competition watchdogs, as well as the central bank, and must be approved by Swan.

17:30 | |

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