Canada to say next week if review of LSE bid needed

Thu Feb 10, 2011 4:16pm EST
 
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OTTAWA (Reuters) - Canada hopes to announce next week whether it will review the London Stock Exchange's bid to merge with Canadian exchange operator TMX Group, Industry Minister Tony Clement said on Thursday.

Under the terms of the Investment Canada Act, Clement has to review any foreign takeover worth more than C$299 million ($299 million). Clement says officials are determining whether the friendly LSE bid needs to be reviewed.

Asked whether he would be able to announce a decision next week, Clement told reporters: "I certainly hope to, yes. That's my intention."

If Ottawa decides to review the deal it has 45 days to make a decision on whether it is of net benefit to Canada. That period can be extended by a further 30 days.

(Reporting by David Ljunggren; editing by Peter Galloway)