Lithium firms’ shares rise after Rio Tinto buyout rumour
The acquisition talk comes as Rio faces challenges in developing its Jadar lithium project in Serbia.
Diane Francis, writing for the Financial Post, is withering in her denuciation of the proposed merger of the TMX Group by the London Stock Exchange. She calls the deal “unacceptable,” and says it would harm “Canada’s competitive advantages”:
It’s also important for politicians to realize that the TSX is not an exchange. It’s the epicentre of Canada’s best opportunity going forward as the world’s pre-eminent mining and energy exchange at the outset of an unprecedented commodity super-cycle. The TSX, with the right managers and strategy, is positioned to dwarf the London and most other exchanges in a handful of years.
Finally, the only beneficiaries of this deal are the guys who negotiated it. The consolidations sweeping exchanges are driven by a shrinking market due to poor management and lousy technology despite booming equity sales. These deals are underwriter driven, faddish and not rooted in meeting investor needs because investors can buy stocks anywhere in the world anytime they wish. They are also not rooted in meeting the needs of the listed companies on these exchanges.
On Feb. 9, the TMX Group and the London Stock Exchange announced a $6 billion “all-share merger of equals.” The combined transatlantic group (“LSEG-TMX” or the “Merged Group”) will be jointly headquartered in London and Toronto
Michael Allan McCrae wrote this story. You can contact him at [email protected].
