By Theophilos Argitis and Greg Quinn
Canadian Industry Minister Tony Clement said he will review London Stock Exchange Group Plc’s C$3.2 billion ($3.2 billion) bid for TMX Group Inc., owner of the Toronto Stock Exchange, to determine whether the transaction is beneficial to the country’s economy.
Clement announced the review under the Investment Canada Act at a press conference today in Ottawa. The federal government will look at the transaction’s impact on innovation, jobs and competitiveness, Clement told reporters.
“We’re going to be reviewing all aspects of this,” Clement told reporters. Ontario, Quebec, British Columbia and Alberta can conduct their own reviews if they wish, he said.