According to rule 5.10.3, only the M14 can place a token on the rondel. Does this mean that when a major company acquires the M14, it must convert an exchange token to a regular token since this rule prohibits any company other then the M14 to have a token on the rondel?
How we play is, just like every other minor in the game, the acquiring major may take the 14 token spot with an exchange token, or convert to regular. Of course, no one does the latter because we want that London token.
The spirit of the rule seems to be an effort to preserve the 14's choice of location on the rondel.