June 1, 2011 / 5:47 PM / 9 years ago

LSE wins approval to ask owners to ratify TMX merger

London Stock Exchange CEO Xavier Rolet (L) and TMX Group CEO Tom Kloet speak to the media in an overall view of the TMX Broadcast centre regarding the merger of the TSX and the LSE in Toronto, February 9, 2011. REUTERS/Mark Blinch

LONDON (Reuters) - The London Stock Exchange and its takeover target TMX Group won the approval of British and Canadian authorities to take their planned $3 billion (1.8 billion pound) combination to shareholders later this month.

The exchanges, who announced their planned merger on February 9, said on Wednesday the UK listings authority and the Ontario Court have approved their merger prospectus.

The approvals, reached in parallel, pave the way for the exchanges to send their merger plan to shareholders ahead of a crucial planned vote in London and Toronto on June 30.

The exchanges also confirmed the proposed make-up of the 15-strong post-merger board of directors, eight coming from the LSE and seven from TMX, adding the new group would be called LTMX Group. The LSE, Toronto Stock Exchange and the group’s other exchanges will keep their brands.

Editing by David Holmes

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