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Bank of Nova Scotia (BNS-T) thinks the proposed and controversial merger between the Toronto and the London stock exchanges can be improved and that governance issues need to be addressed.
Rick Waugh, Scotia’s chief executive officer, said it is up to the two stock exchanges to negotiate further, while still preserving the economic benefits of the $7-billion deal.
“Hopefully, through negotiations, we can have a more enhanced transaction that meets their objectives and yet can meet the objections and objectives of the Canadian market,” he told The Globe and Mail after speaking at a conference in Calgary. “There are ways the deal can be improved and still retain the merits of the original transaction.
“We also have to recognize that governance is an issue. I think there can be enhancements on governance issues at the [proposed] parent company that can still maintain the investment and economic goals, but recognize the importance of capital markets to the individual countries.”
Waugh, however, would not directly say whether he opposes the deal. Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, National Bank of Canada, and Laurentian Bank oppose the transaction, while Royal Bank of Canada and Bank of Montreal are supporters.
Should the deal proceed between TMX Group Inc. (X-T) and the London Stock Exchange, LSE shareholders would control 55 percent of the new company.