Mergers Update: TMX/Maple – One Leg Up (Quebec Securities Commission), One Leg Down (Competition Bureau)
Earlier today, the Wall Street Journal and others reported that the Quebec Securities Commission said that it intends to approve the proposed acquisition of the TMX by the Maple Group (see: Quebec Regulator Gives Nod to Maple/TMX Deal).
The Competition Bureau, however, was reported by the Montreal Gazette and others today to have repeated its concerns about the proposed transaction:
“A spokeswoman for the federal antitrust watchdog said there were no new developments to report regarding its continuing review of the proposed deal.
‘As we said in November, while it is accurate to say the commissioner’s views may be affected by further factual information and developments, a significant and material change to the competitive consequences to the proposed transaction would be required to sufficiently address the commissioner’s serious concerns communicated to the parties in November,’ spokesperson Alexa Keating said.”
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