London Metal Exchange shareholders will vote later this month over its proposed takeover by the Hong Kong stock exchange, the LME announced in a brief statement on Monday.
The Hong Kong Exchanges and Clearing (HKEx) had agreed to buy the 135-year-old LME last month for a total of £1.39 billion ($2.15 billion).
HKex now needs to convince LME members, who are also its shareholders, to sell their shares.
A sale is not guaranteed and the approval threshold is high, with 75 percent of shares and 50 percent of members needed to back the deal for it to go ahead.
The HKEx takeover offer for Europe's last open outcry exchange will be financed with cash and £1.1 billion in bank loans. The deal values the LME at £107.60 per share.
The LME is the world's largest exchange trading nonferrous metals, including copper and aluminum, while HKEx is the biggest exchange operator by market value. The bid requires approval from Britain's Financial Services Authority.
- Dow Jones Newswires contributed to this report -