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.
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