The London Stock Exchange does not have a great track record of consummating deals (remember the proposed Deutsche Borse transaction of the 2001?) or grabbing big strategic opportunities.
So will its’s proposed merger with TMX Group, Canada’s largest exchange company, go the way of Northern Foods/Greencore or British Airways/Iberia?
The first thing to say about this deal is it’s not about growth – it looks very defensive. Perhaps an admission on the part of LSE boss Xavier Rolet that he hasn’t been able to deal with the issues left by the previous management team, or with the fast pace of change in the exchanges world.
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