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The London Stock Exchange and TMX Group (X-T) said on Friday they have applied to the Canadian government for approval of the LSE's $3 billion takeover of Canada's largest stock market operator, starting a process seen taking months.
As well as the Canadian government, the takeover requires the approval of the Ontario Securities Commission and several other provincial regulators. The federal government must decide if the takeover is of "net benefit" to Canada under the Investment Canada Act.
"Application for review under the Investment Canada Act was made today," the companies said in a joint statement.