Canada will review the London Stock Exchange’s bid to merge with Canadian exchange operator TMX Group, industry minister Tony Clement said yesterday.

Under the terms of the Investment Canada Act, Mr Clement has to review any foreign takeover worth more than Can$ 299 millions.

The proposed combined trading venue would have a market value of about $6.9 billion.

Mr Clement has 45 days to make a decision on whether the deal is of net benefit to Canada. He said he expected that period to begin in one or two weeks.