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Business deals

Philippines' exchanges merger under threat

State lender looks to thwart bourse's bid to buy bond trading platform

Philippine Stock Exchange officials during the bell-ringing ceremony on March 22, when the bourse operator listed 11.5 million shares from a recent stock rights offering. (Photo provided by the Philippine Stock Exchange)

MANILA -- The Philippine Stock Exchange's bid to create a unified bourse for stock and bond trading is in danger of being scuttled, with no less than a state-backed lender moving to thwart the merger.

PSE chief executive Ramon Monzon said on Thursday the exchange was prepared to continue "business as usual" should a deal fall through, as Land Bank of the Philippines made a counter offer to buy PDS Group, which owns and runs the fixed income exchange.

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