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Both the Ontario and Quebec governments hold veto power over the stock exchange merger. Ontario's securities law prohibits anyone from holding more than 10% of the stock exchange's equity. Quebec earns a veto as a result of the 2008 deal that saw Adidas Los Angeles Trainer Aqua
In a statement released following Mr. Clement's announcement, TMX Group and the London Stock Exchange Group said they have "prepared carefully" to work with Industry Canada as it reviews the merger. The LSE TMX statement said the companies have worked together "to develop a set of undertakings that deliver clear benefits to Canada and Canada's capital markets, while preserving financial regulation in Canada."
OTTAWA Industry Minister Tony Clement said Monday the federal government would review the merger between the London Adidas Originals Grey Trainers Stock Exchange and TMX Group Inc., but indicated the provinces would have a say over whether the deal was "viable."
Canada, in terms of what is permissible. Those guidelines have yet to emerge.
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Mr. Clement acknowledged certain provinces "may have an influence over whether the transaction is viable." He added: "My part to play in it is to review it under the Investment Canada Act and decide whether it is of net benefit to Canada. We are a long way from having a situation where [Ottawa is] on a different page from the provinces."
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Under the terms of the deal, LSE shareholders would control 55% of the equity in the merged company, whereas TMX Group investors are left with 45%. The two exchange owners have billed this deal as a "merger of equals."
Mr. Clement rejected last year the proposed $40 billion takeover of Potash Corp. by Australia's BHP Billiton, arguing it was not in the country's interest. He pledged afterward to issue clarifications regarding foreign investment in Adidas Neo Slip On
LSE TMX executives had suggested to shareholders the deal which would see the Toronto and Montreal stock exchanges fall under foreign control would be subject to a federal review. Under the terms of the federal Investment Canada Act, foreign investments of over US$299 million are subject to a federal review to ensure they are of so called "net benefit" to the country.
"Where a transaction is subject to review, the investor must obtain my approval before implementing the investment," he told reporters on Parliament Hill. "I only approve an application where an investment demonstrates it will be a net benefit to Adidas Originals Sneakers For Men
Last week, Mr. and Alberta, to ensure the deal is of net benefit to the country.
Once LSE TMX executives file an application with Industry Canada which Mr. Clement said had yet to happen the government has 45 days to conduct its review and issue a ruling.
Financial Post, with files from Barbara Shecter
Canada to review TMX merger
He said he would be consulting with the appropriate provinces, including British Columbia and Alberta. Under the net benefit rules, the government would be looking to see if the deal boosts Canada's competitiveness and employment levels.
But the official announcement by Mr. Clement comes as the Ontario Liberal government continues to raise concerns about the deal. Dwight Duncan, the Ontario Finance Minister, said he considered the TSX to be a "strategic asset," and had reservations that a Dubai based sovereign wealth fund would be the biggest shareholder of a LSE TMX merger.
the Toronto and Montreal exchanges merge.
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