The future ownership of the Toronto Stock Exchange is turning into a fight, as a high-powered cast takes sides. On one side there are the owners of the Toronto Stock Exchange, the TMX Group and the potential merger with the London Stock Exchange Group. Battling it out with these financial behemoths is the Maple Group Acquisition Corp, who represents 13 of Canada’s biggest banks and financial firms. TMX shareholders will need to decide by Thursday, but who are among the groups they need to decide on?
There’s a large group of people in favor of the TMX/LSE merger, with Xavier Rolet high on the list. A former member of Lehman Brothers, and now chief executive officer of the LSE, they believe that the merger will create a powerhouse.
In addition to Xavier Rolet is Bill Holland. As the largest shareholder in the TMX he holds a considerable amount of power in the final decision. He believes that the merger would help protect the Canadian interests.
But against them is a group equally as powerful. Head of the Maple Group, Luc Bertrand, believes that control needs to be kept in Canada. Agreeing with this is investment guru Stephen Jarislowsky. He believes that the Maple Group has a formidable business model, compared to the decline London Stock Exchange.
The outcome seems to favor the Maple Group but a final decision will still need to be made.
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