Singapore stock exchange (SGX) made a $8.3bn bid for the ASX, the firm that owns the Australian stock exchange, in October.

Australian Treasurer, Wayne Swan had said earlier this week that he had serious concerns about the proposal.

SGX has terminated its bid after the rejection. There are worries in Australia that the deal would have diminished the country’s economic sovereignty and made it the junior partner in the deal
“It’s not the right deal for Australia if we want to enhance our links into global capital markets,” said Mr Swan told reporters on Friday, three days after Australia’s Foreign Investment Review Board advised the government to reject the deal.

“It’s not the right deal for Australia if we want to grow our role as a financial services hub in Asia,” he added.