Business in brief: LME | Albemarle & Bond | Ryanair

THE London Metal Exchange (LME) looks set to be sold to the operator of Hong Kong’s stock exchange in a £1.4 billion deal that will bring closer ties to metal-hungry China.

Hong Kong Exchanges and Clearing is offering £107.60 for each of the 135-year-old exchange’s 12.9 million shares.

The deal, which will allow the Hong Kong exchange to expand into dealing in areas such as iron ore and coal for steel producers, needs regulatory and shareholder approval.

‘Gold rush’ easing, says pawnbroker

Pawnbroker Albemarle & Bond has said the high street “gold rush” caused by consumers looking to raise cash by selling jewellery has slowed sharply.

The firm, with more than 170 stores and about 40 “pop-up” shops, said growth in the value of gold it bought had slowed from more than 50 per cent in the first half of its financial year to mid single digits in the last eight weeks. As a result, full-year profits are expected to miss market forecasts.

Ryanair defends its Aer Lingus stake

Budget airline Ryanair yesterday said it was confident that regulators would let it keep its 30 per cent stake in Aer Lingus after the Office of Fair Trading referred the matter to the Competition Commission.

The OFT expressed concerns that Ryanair was in a position to “influence the commercial policy and strategy” of its rival.

Ryanair said the move was a “waste of public time and resources” as European regulators had no objection to its stake, built up six years ago.