London Stock Exchange

Hong Kong stock exchange wants to buy London counterpart

The Hong Kong Exchanges and Clearing Ltd. said Wednesday that a deal would provide the London Stock Exchange with a key opening to Asian markets and underpin the British capital's role as a financial hub.

The offer comes at a time of heightened uncertainty for London and British companies because of Brexit, which threatens to create barriers to trade for the country.

A weakened pound has also made UK companies cheaper takeover targets.

The Hong Kong exchange is required to make a binding offer by October 9.