A bid by the London Stock Exchange for the TMX Group, the operator of the Toronto Stock Exchange, reopens a debate as to whether Canada is really open for global business, or if regulatory and political hurdles will wreck another high-profile deal.
In any case, the initial signs are that the proposed merger will not be approved quickly.
The minority Conservative government dented its reputation among foreign investors last year by blocking BHP Billiton's $39 billion bid for Potash Corp. Ottawa said the deal would not be of "net benefit" to Canada but critics noted that BHP's proposed takeover was very unpopular in the West, where the Conservatives enjoy most support.
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