LSE’s Rolet criticises hostile bid

London Stock Exchange chief executive Xavier Rolet poured scorn on Canada’s Maple Group yesterday after it said it would pursue a hostile bid for the Toronto Montreal Exchange (TMX). Rolet dismissed the revised offer as almost identical to what the TMX board rejected last week and warned that any deal would leave the Canadian exchange among the most leveraged in the world. If the banks pursue the further takeover of TMX rival exchange Alpha and clearing group CDS, funded by share capital, the banks could gain more than 50 per cent ownership of the final exchange he said. Rolet also warned that hostile bids had proved difficult to execute.