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Winnipeg Free Press - PRINT EDITION
TMX Group's Kloet to keep job
CHRIS YOUNG / THE CANADIAN PRESS ARCHIVES Tom Kloet: CEO of takeover group (CP)
TORONTO -- TMX Group chief executive Tom Kloet will remain in charge of the company that runs the Toronto Stock Exchange, Maple Group Acquisition Corp. said Thursday as it appeared set to complete its takeover.
The consortium of a dozen Canadian banks, pension funds and investment firms said Kloet will be named CEO of Maple if enough shareholders tender their shares to its takeover offer by the July 31 deadline.
Tom Caldwell, chairman of Caldwell Securities, said keeping Kloet in charge was a "smart move."
"He's one of the brightest guys in the exchange space in the world," he said.
Kloet will be joined by his executive team at TMX, who will also be named executives at Maple, which expects to change its name to TMX Group Ltd. in August.
Maple cleared its last major regulatory hurdles Wednesday when securities regulators in B.C. and Alberta signed off on its takeover of the TMX Group.
The deal was first proposed more than a year ago after the operator of the London Stock Exchange suggested a merger with the owner of the various Canadian stock exchanges. When shareholders defeated the LSE transaction, the TMX threw its support behind the Maple bid last October.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition July 13, 2012 B7
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