Canada Raises Worries Over Maple's TMX Buy

Law360, New York (November 30, 2011, 12:26 PM EST) -- A Canadian regulator has raised serious concerns about the competitive effects of Maple Group Acquisition Corp.'s proposed $3.8 billion purchase of Toronto Stock Exchange operator TMX Group Inc., the companies said Tuesday.

The Commissioner of Competition's worries center on the impact of the deal on equities trading and on clearing and settlement services in Canada, according to TMX and Maple Group, whose investors include major Canadian financial institutions and pension funds. The commissioner's approval is a key condition in the completion of the transaction.

The parties...
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