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Apr 19, 2011

Ontario legislators to back TMX/LSE tie-up

TORONTO, April 19 (Reuters) – The London Stock Exchange’s
proposed C$3 billion takeover of TMX Group (X.TO: Quote, Profile, Research, Stock Buzz), owner of the
Toronto Stock Exchange, is likely to pass its first test on
Tuesday with a panel of Ontario legislators set to support the
bid with certain conditions.

The all-party committee of members of the provincial
legislature will release its recommendations at mid-afternoon.
While not legally binding, the report will set the tone for a
complicated approval process to unfold over coming months that
will involve provincial and federal regulators.

Apr 15, 2011

Iamgold has $1 bln war chest after Africa sale

TORONTO, April 15 (Reuters) – Canadian mid-tier gold miner
Iamgold Corp (IMG.TO: Quote, Profile, Research, Stock Buzz) said on Friday its war chest for
expansion has grown to more than $1 billion with the sale of
stakes in two West African mines.

Iamgold agreed to sell its 18.9 percent stake in the Tarkwa
and Damang gold mines in Ghana to Gold Fields Limited (GFIJ.J: Quote, Profile, Research, Stock Buzz),
world’s fourth-largest gold producer, giving it $667 million
once the transaction is complete. That is in addition to a $350
million undrawn credit facility.

Apr 15, 2011

The devil will be in details of TMX-LSE review

TORONTO (Reuters) – London Stock Exchange’s (LSE.L: Quote, Profile, Research) takeover offer for Canada’s TMX Group (X.TO: Quote, Profile, Research) will have a better chance of success with a legislative panel seen supporting the bid, if dealmakers can stomach the conditions attached.

An all-party committee of Ontario provincial legislators is due to table its conditions and recommendations on the LSE’s C$3 billion offer next week, and respond to the patriotic outcry from politicians and some banks when the deal was first announced in February.

Apr 14, 2011

Analysis: The devil will be in details of TMX-LSE review

TORONTO (Reuters) – London Stock Exchange’s (LSE.L: Quote, Profile, Research, Stock Buzz) takeover offer for Canada’s TMX Group (X.TO: Quote, Profile, Research, Stock Buzz) will have a better chance of success with a legislative panel seen supporting the bid, if dealmakers can stomach the conditions attached.

An all-party committee of Ontario provincial legislators is due to table its conditions and recommendations on the LSE’s C$3 billion ($3.1 billion) offer next week, and respond to the patriotic outcry from politicians and some banks when the deal was first announced in February.

Apr 13, 2011

Ontario legislators to approve TMX-LSE deal

TORONTO, April 13 (Reuters) – London’s proposed C$3 billion
($3.2 billion) takeover of Canada’s main stock exchange
operator TMX Group (X.TO: Quote, Profile, Research, Stock Buzz) will be approved with conditions by
an Ontario legislative committee, a source familiar with the
panel’s report told Reuters on Wednesday.

The report is likely to set the tone for a series of
regulatory tests of the controversial deal to take over TMX,
owner of the Toronto Stock Exchange.

Apr 10, 2011

Canada: Picky, but far from protectionist

TORONTO, April 10 (Reuters) – Two blocked foreign takeover
deals and the possibility of a third do not mean that Canada is
closed for business, with the real test coming in how it
responds to would-be deals in the crucial resource sector.

Bankers said the two deals that Canada vetoed — an attempt
to buy fertilizer giant Potash Corp (POT.TO: Quote, Profile, Research, Stock Buzz) and a bid for the
satellite technology unit of Macdonald Dettwiler (MDA.TO: Quote, Profile, Research, Stock Buzz) –
were rejected for very specific reasons.

Apr 8, 2011

TMX deal opponent set to issue “minority” report

TORONTO (Reuters) – A critic of plans to take over Canadian exchange operator TMX Group (X.TO: Quote, Profile, Research) will put out a minority report that opposes recommendations to come from an Ontario legislative panel, raising the prospect that an early step in a complicated review process will approve the deal.

Gilles Bisson, the only member of the left-of-centre New Democratic Party on the Ontario committee, would not comment on the contents of his minority report, or on the conclusions of the majority report.

Apr 8, 2011

Ontario lawmaker to file minority report on TMX/LSE

TORONTO (Reuters) – A left-leaning member of an Ontario legislative committee that is reviewing the London Stock Exchange’s proposed takeover of TMX Group, owner of the Toronto Stock Exchange, plans to file a minority report opposing the recommendations of the panel.

Gilles Bisson, the only member of the left-of-center New Democratic Party on the committee, would not comment on the contents of his report, or on the conclusions of the majority report. Both are set to be made public by April 21.

Apr 7, 2011

RBC eyes sale of U.S. consumer banking unit-source

NEW YORK/TORONTO, April 7 (Reuters) – Royal Bank of Canada
(RY.TO: Quote, Profile, Research, Stock Buzz) is looking to sell its U.S. consumer banking business,
and has retained JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) to advise it, a
source familiar with the situation said on Thursday.

RBC, Canada’s largest bank, has been expanding its wealth
management and wholesale banking presence internationally, with
particular emphasis on high growth markets such as Asia. But
its retail bank network in the southeastern United States has
weighed down earnings for years.

Apr 5, 2011

Base metal deals to lead Canadian M&A

TORONTO (Reuters) – Miners, especially of base metals, will drive Canadian merger and acquisition activity for the rest of 2011, although oil and gas and financial services will also be significant, bankers said on Tuesday.

In a panel discussion at the Reuters Global Mergers and Acquisitions Summit, investment bankers said deal volumes had a long way to grow, and the average size of larger deals would be around the $1 billion mark, or double last year’s level.