LSE advisers to make £40m from TMX deal
The London Stock Exchange's proposed takeover of Canadian rival TMX will trigger a multi-million windfall for its City advisers.
Concessions: LSE is eager to curry favour in Canada to achieve TMX merger
Investment banks, lawyers and accounts will share a £39.4m bonanza.
The fees came to light in the door-stopping prospectus for the contentious deal published last night.
The 429-page tome highlights the concessions which LSE boss Xavier Rolet has had to give his new partners as he seeks to curry favour with Canada's political elite.
Overseas takeovers have to pass a strict national interest test, meaning the LSE has had to prove that the tie-up will be good for Canada.
Although the LSE will own 55% of the enlarged company, which will be called LTMX Group, many operating divisions will be run from Canada.
The main fundraising business will be headquartered in Toronto and the global derivatives division in Montreal, while the unit dealing in lucrative energy floats will be based in Calgary.
The LSE (up 1p at 981.5p) has also pledged to include a disclosure in every press release stating the merged group is 'co-headquartered in London and Toronto'.
Despite the concessions, Canadian regulators could torpedo the deal, which has gone down badly with lawmakers.
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