A nine-month bidding war for the London Metal Exchange this morning swung in favour of Hong Kong Exchange and Clearing, after the UK group recommended its bid over an offer from a US rival. The deal also continues a fine advisory run by the financial institutions group at Rothschild.

The LME, the world's leading trading hub for non-ferrous metals, said in a statement this morning that it had given its backing to HKEx's £1.4bn cash proposal.