Canadian banks and submission of Fund support for TMX (AP)

TORONTO - a group of nine banks and pension funds submitted a bid of rivals of 3.6 billion ($3.7 billion) for the operator of the Toronto Stock Exchange, in the hope to fail a fusion controversial with the London Stock Exchange.

Financial companies, who call themselves Maple Group Acquisition Corp., said Sunday that they have submitted a proposal to the Board of Directors of TMX Group Inc. worth C$ 48 (US$ 49.50) a share, about 20% higher than the LSE bid.

Maple investors include: Alberta Investment Management Corporation, Caisse de dép?t et placement du Québec, Canada Pension Plan Investment Board, CIBC World Markets Inc., Fonds de solidarité des travailleurs du Québec, National Bank Financial Inc., Ontario Teachers' Pension Plan BoardScotia Capital Inc. and TD Inc. securities.

Did not identify the members Group Canadian Saturday but said that it will evaluate the last proposal of TMX Group Inc..

The attempt to merge with the London Stock Exchange, which already has markets in Britain and Italy, has met opposition.

Luc Bertrand, Vice President of the National Bank financial group, said the Canadian bid "would ensure the future growth and integrity in the Canadian capital markets."

Dwight Duncan, Minister of Finance of Ontario has welcomed the offer the most recent Saturday and said he had received a statement of his supporters. He is among those who have expressed their concern that merge with the London Stock Exchange will leave most important award of the Canada dominated by foreign interests.

TMX Group said Friday that he had applied with regulators provinces for the approval of the offer of all stocks of the London Stock Exchange. The Federal Government must also approve the agreement under the Act on investment Canada.

Regulators had to pronounce on the redemption of this fall.

If the submission of the Maple group, existing shareholders of TMX Group would be owner 40 per cent of the shares of Maple.

View the original article here