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Article: Toronto Stock Exchange Group to take over Montreal Exchange in C$1.3-billion deal
- Article from:
- AP Worldstream
- Article date:
- December 10, 2007
CopyrightCopyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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The Toronto Stock Exchange, Canada's largest stock and derivatives trading floor, will acquire the Montreal Exchange Inc. for about C$1.3 billion (US$1.29 billion, euro880 million) in shares and cash, creating a national markets powerhouse.
The exchanges, in an announcement Monday, said the new TMX Group Inc. will be a stronger global market player with more expansion opportunities, particularly in the U.S.
"Today, we are building a made-in-Canada exchange," Richard Nesbitt, chief executive officer of the TSX Group Inc., said on a conference call. Under the terms of the C$1.3 billion deal, Nesbitt will serve as CEO of new company. Luc Bertrand, president and CEO ...