TORONTO (Reuters) - a proposal by a group of banks and pension funds, to support the operator of the Toronto Stock Exchange offers savings and international growth opportunities, the group said Monday.
A consortium which is call Maple group Acquisition Corp. offers a 3.6 billion ($3.7 billion) contract to buy the TMX Group, designed to derail a friendly offer of $ 3 billion for the Exchange by the London Stock Exchange operator.
Shares of TMX were 6.01 per cent to C$ 44.26 early Monday afternoon on the Toronto Stock Exchange.
"It presents a clear path to the creation of additional value by optimizing the balance sheet, the expansion of the margin, improved multiple potential and the ability to exploit international growth opportunities,"said Luc Bertrand, Vice President of the National Bank of the Canada"."one of the banks involved in the proposal.
"There is huge value creation opportunity here, so at the end of the day, the re-rating evaluation or an increase in the new group will certainly enable the group to examine the possibilities," he said.
Maple said in a telephone conference officials, however, that the group is not eyeing specific targets to expand international and said it is premature to discuss whether she would be interested in the New York Stock Exchange, for example.
LSE and TMX also extolled the merits their agreement, announced in February, as the creation of a more diversified and more international society. TMX LSE plan has raised concerns at the Canada on a national institution falling under the control of a company based abroad.
Maple group said that its members initiated informal discussions of an alternative offer at the time, they started to make public objections with respect to the loss of Canadian control in TMX LSE proposal.
Maple said that its proposal would not require approval under the Act of Canada investment, indicating that foreign takeovers of Canadian companies must be "advantage net" to the Canada.
Pursuant to the proposal of the Group of maple, no single shareholder - which include four of the largest banks and pension funds five of the Canada - would be owner of more than 10 percent of TMX, compatible with the current regulatory requirements.
The Maple consortium members include: the Canadian Imperial Bank of Commerce, the National Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank, Alberta Investment Management Corporation, Caisse de dép?t et placement du Québec, the Canada Pension Plan Investment Board and the Quebec workers solidarity fund.
THE COMPETITION BUREAU
To extend the scope of operation of the TMX, Maple hopes to combine with the alternative trading system group Alpha, which is already owned by the banks of the Canada and clearing clearing and Depository Services Inc. hub.
Such a combination would require the approval of the Bureau of competition of the country. In this review, Maple would have to prove that the effectiveness outweighed competitive concerns.
Alpha quickly ate in TMX market share since its creation in 2007 and is currently application status of the Exchange.
The consortium of Maple, who expressed confidence that they will be able to combine the Alpha and CD under the proposal, said that an agreement not comparable to the Nasdaq OMX Group Inc. and IntercontinentalExchange bid for NYSE.
NASDAQ and crushed ice their offer of $ 11 billion for NYSE Euronext Monday citing concerns antitrust, highlighting the fragility of the dealmaking in the industry trade closely regulated as pressure to consolidate the frames.
"They are very, very different." First of all, key on Nasdaq/NYSE antitrust concerns appear to have been on the lists. Alpha does not currently offer lists, "said Bertrand.
Also, the NYSE and Nasdaq, which were exchanged globally recognized, Alpha is a TTY, limited to the Canada, he said.
Proposal of the Group of Maple is not conditional on the acquisition of CDS and Alpha, but it is conditional to receive regulatory approval for the acquisitions.
($ 1 = $0.97 Canadians)
(Reported by Jordan Pav and Solarina Ho; editing by Peter Galloway)
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