Canadian Competition Bureau Clears TMX Offer
The Canadian Competition Bureau has issued a No Action notice regardle the Maple Group consortium's offer to acquire Canada's stock exchanges, clearing a major hurdle for the long-running bid.
While Maple still has to contend with local securities regulators, the Bureau's response will certain expedite the process. Maple is looking to acquire the TMX Group, which operates the Toronto and Montreal Stock Exchanges. The group was the target of a failed bid from the London Stock Exchange Group last year.
"We made important progress today after months of hard work with both the Bureau and provincial securities regulators across Canada," says Tom Kloet, CEO at TMX Group. "We look forward to obtaining the outstanding approvals and to the important work ahead to create a globally competitive exchange group with strong prospects for growth and international expansion."
The proposed deal, worth $3.75 billion, will also include clearing facilities through the Canadian Depository for Securities. To address monopoly concerns over the acquisition of these institutions, which constitute some 85 percent of Canadian market activity, the proposed entity would be subject to enhanced regulatory oversight.
The consortium bidding for TMX includes pension funds, brokers, banks and insurers.
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