HONG KONG (AP) — The Hong Kong stock exchange is dropping a bid to buy its London counterpart following opposition from the European exchange's management.

Hong Kong Exchanges and Clearing Ltd. said Tuesday it was "unable to engage" with the London exchange's management on the deal.

The offer would have created a $70 billion company. But the London exchange cited "lack of strategic merit" and concerns about the Chinese government's influence over the Hong Kong exchange.