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The stock exchange announcement
on Wednesday followed confirmation late last night of an earlier report in The Daily Telegraph that the LSE was in advanced talks to join forces with the Canadian owner of the Toronto Stock Exchange, the Montreal Exchange and the junion TSX Venture Exchange.
on Wednesday followed confirmation late last night of an earlier report in The Daily Telegraph that the LSE was in advanced talks to join forces with the Canadian owner of the Toronto Stock Exchange, the Montreal Exchange and the junion TSX Venture Exchange. LSE shareholders will own 55pc of the enlarged group, with the TMX holding the rest. TMX investors to get 2.9963 LSE shares for each TMX share held. LSE shares rose 10pc to 980p when trading in London started.
The merger will create the world's biggest stock exchange by number of companies and has been unanimously recommended by the boards of both companies.
It will be the top listings venue in the world by number of listings - over 6,700 companies with an aggregate market capitalisation of approximately £3.7 trillion - and the biggest global exchange for mining and energy listings, which has been a key driver of TMX's success.
The will also catapult the LSE-TMX group into fourth position above Nasdaq in terms of annual revenue.
source:.telegraph.co.uk
source:.telegraph.co.uk
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