06:53 ET<\/span><\/span><\/p>\nCanada’s TMX Group, operator of the Toronto Stock Exchange, has received a domestic takeover bid to rival the group’s proposed merger with the London Stock Exchange (LSE).<\/p>\n
The bid came from from a group of Canadian banks and pension funds.<\/p>\n
TMX said it would consider the bid while still seeking shareholder and regulatory approval for the LSE deal.<\/p>\n
Recent months have seen a spate of merger talks between the world’s leading stock exchanges.<\/p>\n
In March, the US exchanges Nasdaq and ICE mounted a bid for NYSE Euronext, topping a previous offer from Deutsche Boerse, while last month Australia indicated that it would block a bid from the Singapore stock exchange for ASX, the firm that owns the Australian Stock Exchange.<\/p>\n
‘Exciting offer’<\/span><\/p>\nThe fresh bid for TMX was made by a number of Canadian financial institutions operating under the name Maple Group Acquisition Corporation.<\/p>\n
“Now Canadians have a Canadian alternative to look at that points to the strength of our financial services sector,” said Ontario Finance Minister Dwight Duncan.<\/p>\n
He said the government would look at the bid, but while it was too early to say whether he personally preferred Maple’s offer to that of the LSE, he was “excited” a Canadian bid had been made.<\/p>\n
Any deal for TMX must gain government approval.<\/p>\n
At the end of last year, the government blocked an offer for fertiliser group Potash Corporation from Anglo-Australian mining giant BHP Billiton on the basis that it was not in the Canadian national interest.<\/p>\n<\/div>\n
Continued here:
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