London Stock Exchange Group (LSEG) on Friday formally rejected a takeover bid by the Hong Kong Stock Exchange, citing "fundamental concerns" over the bid worth 32 billion ($40 billion).

　　Logo of the Hong Kong Stock Exchange and London Stock Exchange Group. [Photo: IC]

In a statement, LSEG said management "unanimously rejects the conditional proposal and, given its fundamental flaws, sees no merit in further engagement" regarding the offer made Wednesday.