Toronto, London stock markets eye merger

February 09, 2011 | 08:00
(0) user say
The Canadian TMX group, which owns the Toronto bourse, said Tuesday it was in advanced talks with the London Stock Exchange over a possible merger.
illustration photo

TMX said in a statement that it was discussing "a possible merger of equals to create an international exchange leader.

"The merged Group would be co-headquartered in London and Toronto and continue to be overseen by its existing regulatory authorities," the statement added.

The company added the proposal included that "the executive management and senior leadership of the Merged Group will be drawn from a balance of leaders from both organizations."

According to the Financial Times, the new group would have a combined worth of 5.5 billion pounds ($8.8 billion) and would be the largest platform for mining company listings in the world.

Canadian media reported the merger could be officially announced as early as Wednesday morning, when TMX is to publish its fourth quarter results.

TMX said in its statement, though, that it was "not in a position to comment further at this time."

AFP

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional