blocking the LSE Group's takeover of TMX. The group was composed of the leading banks and financial institutions of Canada. The London Stock Exchange however announced it was terminating the merger with TMX on 29 June 2011 citing that "LSEG and TMX Group believe that the merger is highly unlikely to achieve the required two-thirds majority approval at the TMX Group shareholder meeting". In July 2012, the LSE bought a 5% stake in Delhi Stock Exchange. On 2 June 2014, the LSE became the 10th stock exchange to join the United Nations' Sustainable Stock Exchanges (SSE) initiative. On 26 June 2014, the LSE announced it had agreed to buy Frank Russell Co., making it one of the largest providers of index services. In January 2015, Reuters reported that the London Stock Exchange Group planned to put Russell Investments up for sale, and estimates the sale will produce $1.4 billion. In March 2016, the company announced it had reached an agreement with Deutsche Börse to merge. The companies would have been brought under a new holding company, UK TopCo, and would retain both headquarters in London and Frankfurt. On 25 February 2017, the London Stock Exchange Group PLC stated it wouldn't sell its fixed-income trading platform in Italy to Deutsche Börse AG, to appease anti-trust concerns. The planned merger between the two exchanges, which was estimated to create the largest exchange in Europe, was subsequently described as "at risk" by the Wall Street Journal. The merger attempt was blocked by EU Competition Regulator on 29 March 2017 stating that "The Commission's investigation concluded the merger would have created a de facto monopoly in the markets for clearing fixed income instruments". In August 2019, the company agreed to buy Refinitiv in an all-share transaction valuing the target at $27 billion. Shortly thereafter, on 11 September 2019, LSEG itself became the target of a £32 billion bid by the Hong Kong Exchanges and Clearing, subject to abandoning its plans to buy Refinitiv. LSEG rejected the takeover bid two days later. In order to secure the Refinitiv deal, in July 2020, LSEG announced that it was considering selling its Italian assets including MTS, Italian bond trading venue and potentially Borsa Italiana. On 18 September 2020, LSEG entered into exclusive talks to sell the Italian Bourse to Euronext. The acquisition was announced on 9 October of that same year and was completed on 29 April