Australia govt defends intention to block ASX-SGX deal

SYDNEY: The Australian government on Wednesday defended its preliminary decision to block Singapore Exchange Ltd's $7.8 billion bid for Australia's ASX Ltd , but said it would not give its reasons until it made a final decision.

Treasurer Wayne Swan said in the interests of "procedural fairness" he was obliged to give the SGX an opportunity to respond to the government's concerns before finalising his decision. Investors consider the deal is all but dead, with the SGX saying that it had no current plans to amend its ASX bid.

"Australia welcomes foreign investment and we have a fair and transparent process," Swan told ABC radio.