TMX Group to start talks with Maple over bid

CANADA’S stock exchange group TMX has relented and agreed to start talks with the Canadian consortium that ended its ambitions to merge with the London Stock Exchange.

TMX Group, whose shareholders vetoed the LSE merger last month, will meet the Maple consortium to discuss the C$3.8bn (£2.5bn) hostile takeover bid it tabled in June.

Canada’s biggest banks and pension funds formed Maple to fend off the LSE and keep TMX in local hands. The consortium directly controls about seven per cent of TMX equity.

The LSE was forced to walk away from its planned C$2.4bn merger on 30 June after just over 50 per cent of TMX investors voted for the deal, short of the 66 per cent needed under Canadian law.