London (CNN Business) Hong Kong has just made a surprise £30 billion ($37 billion) takeover bid for the London Stock Exchange.

Hong Kong Exchanges and Clearing HKXCF LSE LNSTY (HKEX) said Wednesday it had made a proposal to theto combine the two companies in a cash and share deal worth £29.6 billion, or £31.6 billion ($39 billion) including debt.

If it happens, the takeover would create the world's third biggest stock exchange group behind the New York Stock Exchange and Nasdaq in terms of the value of companies listed on those markets, according to the operators' data.

Takeda TAK It would also be the biggest foreign takeover of a UK-listed company since Japanese pharmaceuticals maker bought Shire in 2018, according to Dealogic data.

The deal would "redefine global capital markets for decades to come," HKEX CEO Charles Li told reporters on a conference call. It would reinforce Hong Kong's position as the key connection between mainland China, Asia and the rest of the world.

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