Australia rejects Singapore exchange takeover bid

SYDNEY, April 5 (AP): Australia signalled strongly Tuesday that it would reject the Singapore stock exchange's $8.3 billion takeover bid for the Australian bourse, saying the deal is not in the national interest. Singapore Exchange Ltd said Tuesday that Australia's Foreign Investment Review Board had informed it that the country's treasurer, Wayne Swan, was inclined to reject the deal. Swan, who has veto powers on major foreign investments in Australia, confirmed the view after SGX issued a statement on the matter, saying the review board shared his reservations. "FIRB informed SGX that I had serious concerns about the proposal and that, subject to further consideration, I intended to accept the unanimous FIRB advice that the takeover would not be in the national interest," Swan said in a statement.