A committee of Ontario legislators made nine recommendations on Tuesday on the London Stock Exchange's (LSE.L) C$3 billion takeover bid for TMX Group (X.TO), owner of the Toronto Stock Exchange, but took no position on whether the deal should go ahead. The recommendations -- centering on regulation, structure, jobs, decision-making and the mining sector -- include a request that the number of directors resident in Canada equal the number resident outside Canada, and that regulators from Ontario and other provinces oversee any fundamental changes to the new group's businesses. "Under the terms of the proposed merger, the center of gravity in regards to the decision-making ability of Ontario and Canada will move to London," said a cautious Gerry Phillips, chairman of the select all-party committee of the Ontario legislature. "This shift could result in decisions that do not reflect the interest of Ontarians and Canadians as a whole."
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