Ontario Panel Proposes LSE-TMX Deal Terms

An Ontario government committee has made recommendations for the merger of the London Stock Exchange Group with TMX Group.

An Ontario government committee has made recommendations for the merger of the London Stock Exchange Group (LSE) with TMX Group, The Wall Street Journal reports. The all-party legislative report included nine recommendations, focusing on regulation, structure, jobs, decision-making and the mining sector and a request that the number of directors resident in Canada equal the number resident outside.

LSE shareholders will hold 55% of the merged entity as compared to 45% for TMX shareholders and initially, seven of the combined entity’s 15-member board seats will go to Canadians. The deal is required to include a clause, ensuring TMX continues to meet the needs of the Canadian capital markets, including access to capital, competitive fees, range of listings and trade execution.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.