The Australians fold their tents; Financial exchanges.
Economist (US), The, February, 2006
Europe's exchanges cannot afford to relax, despite Macquarie Bank's defeat
MACQUARIE BANK, an acquisitive Australian institution that dared to tilt at the London Stock Exchange (LSE), may be feeling a little bruised, having in effect withdrawn its bid this week. But it is possible that history will judge Macquarie more kindly than its detractors do today. Its bid pushed the LSE into returning more cash to shareholders than it might have done otherwise, and more quickly. And it was not afraid to make the helpful observation that national exchanges share some characteristics with utilities.
Predictably, this analogy upset exchange executives in both London and continental Europe. The Australians were derided from the outset (they might run toll roads...
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