Arab Today, arab today london stock exchange \committed\ to toronto merger
Last Updated : GMT 11:49:51
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London Stock Exchange \'committed\' to Toronto merger

Arab Today, arab today

Arab Today, arab today London Stock Exchange \'committed\' to Toronto merger

LSE Group's merger with TMX is scheduled for completion in the autumn
LONDON - AFP

LSE Group's merger with TMX is scheduled for completion in the autumn The London Stock Exchange remains committed to a merger with its Toronto counterpart, it said on Monday, after a Canadian consortium launched an informal takeover bid that could derail the deal . "London Stock Exchange Group (LSEG) remains committed to its recommended merger with TMX," it said in a statement, adding that TMX has informed the group of the takeover approach.

"LSEG believes the proposed merger offers compelling financial, strategic and operational benefits for shareholders, the full breadth of market participants, listed companies of all sizes, investors and other stakeholders."
In February, the LSE Group had launched a merger with TMX, operator of the Toronto Stock Exchange. The deal is due to be completed in the autumn, pending regulatory and shareholder approvals.
However, over the weekend, TMX revealed that it has received an informal approach from Maple Group Acquisition Corporation, which is a grouping of Canadian financial institutions and pension funds.

"TMX Group Inc. announces that it has received a written proposal for the acquisition of TMX Group by a corporation, formed by a number of Canadian financial institutions, including pension funds and banks, operating under the name Maple Group Acquisition Corporation," TMX said in a statement on Saturday.
"The Maple proposal, which is not binding and was prepared for discussion purposes, provides for a combination of cash and equity consideration stated to be at a premium to the current market price of TMX Group shares."
But it added: "TMX Group will continue to pursue efforts currently underway to secure the necessary regulatory and shareholder approvals required to complete its agreed merger with London Stock Exchange Group."
Maple's offer values TMX at about 3.58 billion Canadian dollars (US$3.69 billion), according to various media reports.

The merger would create the world's biggest trading platform that would dominate the raw materials and energy sectors, spanning 20 trading markets and platforms across Europe and North America.
The combined group, provisionally called LSEG-TMX, would also be the world's largest exchange in terms of the number of companies traded, with a total of more than 6,700 listings.
The LSE added on Monday: "The outward-looking, highly international transatlantic group, jointly headquartered in London and Toronto, will be a global leader in capital formation, liquidity and exchange technology.
"The all-exchange merger is expected to have a direct positive impact on Canada, the UK and Italy, enhancing the position of each country amongst the global business community and driving economic growth."

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Arab Today, arab today london stock exchange \committed\ to toronto merger Arab Today, arab today london stock exchange \committed\ to toronto merger

 



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