4 new firms join bid for TMX group

Four new financial companies have joined a rival Canadian-only bid for the TMX Group that could block a proposed merger of the Toronto and London stock exchanges. Maple Group Acquisition Corp announced on Sunday that Desjardins Financial Group, Dundee Capital Markets, GMP Capital Inc and Manulife Financial have signed on as investors. Manulife is Canada's largest insurance company and Desjardins the biggest credit union, with major financial operations in Quebec. Dundee and GMP are smaller wealth managers. Maple Article continues below Maple, made up of a who's who of Canada's major financial players including several major banks has put forward a C$3.6 billion (Dh13.7 billion) bid to acquire TMX Group, which owns the Toronto exchange. TMX rejected the bid, saying there are too many uncertainties, including regulatory and debt risks. The bid from the London Stock Exchange (LSE) is worth about $3 billion. The Maple bid is meant to keep TMX in Canadian hands after many bank and government officials raised concerns about the so-called "merger of equals" with the London Stock Exchange, which is technically a takeover by the British operator.