After exploring thousands of names for the merged company they want to create, the London Stock Exchange Group PLC and TMX Group Inc. have settled on simply merging their names.
The new name for the LSE and TMX, assuming regulators and shareholders approve the transaction, will be LTMX Group PLC, the LSE said in a regulatory filing.
The local operations would still be known by their traditional brands, such as the TMX for the Toronto Stock Exchange and the MX for the Montreal Exchange's derivatives business. The name change to LTMX would only apply to the holding company.
Amid the debate about whether Canada should have an equal number of directors on the board of the merged company, there is no word on how many of the letters in the name are Canadian. London gets an L, Toronto gets a T, and Montreal gets an M. Or does it? LSE also owns Italy's main stock exchange, which is based in Milan.
"We're very proud of the fact that the new merged company's name will incorporate the TMX brand," TMX spokeswoman Carolyn Quick said. "The LTMX Group name underscores the important leadership role TMX will play and ensures that the respective contributions of our entire group, most notably the cities of Montreal and Toronto, will be recognized."
TMX is pushing on with its plan to marry up with the LSE even after being approached by a group of Canadian banks and pension funds known as Maple Group that has proposed a buyout that would keep the company locally owned. Shareholders of both LSE and TMX will vote June 30 on whether to approve the TMX-LSE agreement.
Maple, meantime, has yet to file a formal bid, meaning it won't be able to complete its plan before the TMX-LSE votes. The sides will spend the next four weeks campaigning among shareholders to sway that crucial vote.
TMX, in its filings, also confirmed that in 2010 it conducted merger talks with another unnamed third party. The Globe and Mail has previously reported that the other party was Nasdaq OMX. The talks broke down in late 2010 and were officially terminated in early 2011 after the parties couldn't settle on how to meet the federal government's net benefit test.Report Typo/Error
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