April 19 (Reuters) - The London Stock Exchange's
The Canadian government and regulators in at least four provinces, including Ontario and Quebec, will have a say in the decision.
A legislative committee of the province of Ontario said in a long-awaited report on Tuesday that it would not take a position on whether the deal should go ahead, but made nine recommendations on the takeover. While not legally binding, the report sets the tone for the multilayered approval process that will take place over the coming months.
The following is a timeline of events:
Feb. 9 - LSE and TMX announce deal to create a $7 billion transatlantic exchange, after news leaked the previous day that the two resource-heavy exchanges were in talks. [ID:nLDE71802I] [ID:nLDE71808S]
Feb. 22 - Ontario announces plans for an all-party legislative committee to review bid, with four public hearings held in March. [ID:nN22281822]
April 19 - Ontario legislative committee issues report on the deal. This was extended from the original deadline of April 7. The Ontario Securities Commission has indicated it will likely make a decision after the report is released. [ID:nN19257192] [ID:nN23123324]
Late April to early May - TMX and LSE are expected to submit their applications to regulators. The federal industry minister will then have 45 to 75 days to consider the deal, with allowances for further extensions. [ID:nN04266784]
April or May - Quebec's securities regulator AMF expects to start hearings on the deal. [ID:nOLAEDE77N]
May to July - The federal industry minister could make a decision on whether the deal is of "net benefit" to Canada. [ID:nN1492481]
($1=$0.96 Canadian) (Compiled by Solarina Ho; editing by Peter Galloway)