The London Stock Exchange Group has abandoned plans to merge with the TMX Group after failing to gather enough support.

In a statement, the index group revealed it was unlikely to achieve the two-thirds majority approval required at a TMX shareholder meeting.

Xavier Rolet, chief executive of London Stock Exchange Group, said it had been 'disappointed' by the news.

He said, 'We believe the merger would have been a unique opportunity for TMX Group shareholders to be partners in a truly international group, co-located in Toronto and London, focussed on growth and opportunity.

'We thank our own shareholders for their unwavering and overwhelming support in the past few months.'

Rolet said there were a number of other growth opportunities for the group in the areas it operated in.

The failure of the merger will see TMX pay London Stock Exchange Group C$10 million (£6.5 million). A further C$29 million (£18.8 million) could be paid if TMX is acquired by Maple Group.

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