Tuesday, Jun. 30, 2015 5:00AM EDT
If there’s any silver lining for Canadians in the financial calamity unfolding in Greece, it’s that this crisis should remind us of how fortunate we are.
Since the global financial meltdown started in 2007, Canadian banks have shone. The country’s largest lenders continue to rack up record profits – the Big Six banks made $33-billion combined in 2014 – and in the first few years of the economic recovery, they were praised as a paragon of prudent banking.More »
Tuesday, Jun. 30, 2015 5:00AM EDT
AHMAD HATHOUT AND SERES LU
While the world worries about Greece, the Daily Deal Roundup is worried about keeping you informed about the deals of today. The banks are indeed open and willing to underwrite some blockbusters, including our deal of the day – Element’s announced acquisition of GE Capital’s fleet operations in the U.S., Mexico, Australia and New Zealand.More »
Tuesday, Jun. 30, 2015 5:00AM EDT
It’s been a rough ride for many shareholders in Asia of late, but that’s not slowing Manulife Financial Corp.’s approach to Singapore’s financial markets.
The insurer said Monday that it has launched an initial public offering for a U.S. office real estate investment trust (REIT). The company will sell 694.4 million units at a price of 82 cents (Singapore) a unit (76 cents). That’s about $569.4-million (Singapore) or $524.7-million.More »
Monday, Jun. 29, 2015 5:34PM EDT
Element Financial Corp.’s $8.6-billion acquisition of part of General Electric Co.’s fleet management business is not the end of the company’s growth plans, according to chief executive Steve Hudson, who went so far as to name his next acquisition targets.
“This message of growth at Element is: It’s not over, it’s not over, it’s not over,” said Mr. Hudson, on a conference call with analysts Monday. “They say you have to say something three times,” he added.More »
Monday, Jun. 29, 2015 4:38PM EDT
Daniel Daviau, Canaccord Genuity Group Inc.’s top investment banker, made $11.7-million in fiscal 2015, according to the firm’s proxy circular, earning more than most major bank chief executive officers and scores of other household names in business.
The 50-year-old CEO of North American capital markets was paid a salary of $494,000, owns $2.6-million worth of restricted share units (RSUs) in Canaccord and was paid an $8.6-million bonus.More »
Friday, Jun. 26, 2015 8:04PM EDT
The end of an eventful week sees Fairfax make a $120-million move in India, TMAC boost its IPO, and lots of people question the sense of Potash’s big play for Germany’s K+S Industries. Have a great weekend.
DEAL OF THE DAY: Fairfax’s Watsa to buy Indian logistics firm: sources
Fairfax India Holdings, a fund set up by Canadian investor Prem Watsa to target Indian assets, is set to take a majority stake in logistics firm National Collateral Management Services (NCMSL), two sources familiar with the matter said. One of the sources said the deal, for a 70 to 75 per cent stake in the commodities storage and services firm, could be worth $120-million to $150-million. Full storyMore »
Friday, Jun. 26, 2015 2:23PM EDT
Some merger ideas make sense to everyone. When Loblaw Companies Ltd. announced its blockbuster acquisition of Shoppers Drug Mart two summers ago, the strategic rationale was crystal clear, and support for it was through the roof.
But with Potash Corp. of Saskatchewan’s proposed takeover of Germany’s K+S Industries, which is expected to be worth $9.7-billion, there are already serious questions about it – and it’s only day two.More »
Friday, Jun. 26, 2015 12:05PM EDT
Peters & Co. Ltd. shuffled its leadership ranks and said its managing director of institutional sales is retiring.
Steve Larke is leaving for personal reasons after 10 years with the Calgary-based brokerage, Peters told clients in a note. His resignation is effective Dec. 31.
The firm promoted Bryce Williams to head institutional sales. Rob Scott is now head of trading, from principal. Mitch Molloy is transitioning to managing director, capital markets.More »
Friday, Jun. 26, 2015 11:40AM EDT
Lexpert identifies and reports on emerging business issues and practice areas in the business of law. Whether online, in our magazine or in the DealsWire newsletter, we chronicle deals and lawsuits of interest, and cover issues of broad concern to the legal profession and those who purchase legal services. We hope you enjoy this sample of our latest content.More »
Friday, Jun. 26, 2015 11:11AM EDT
Bank of Nova Scotia is reworking its structured products and managed companies businesses, which are housed under its investment banking arm.
The changes at Scotia Capital include the departure of Rajiv Bahl, who previously ran the structured products group, as well as Farooq Moosa, who oversaw Scotia Managed Companies.More »
Friday, Jun. 26, 2015 11:03AM EDT
The scrappy affair over Sprott Asset Management’s move to acquire two of Central Fund of Canada’s precious metals mutual funds has now entered the court system.
Central Fund, the corporate entity behind Central GoldTrust and Silver Bullion Trust, said in a press release on Thursday morning that a Sprott subsidiary filed a claim of oppression against the company in an Alberta court.More »
Friday, Jun. 26, 2015 5:00AM EDT
Big day for deals today: Potash makes a $10-billion play for Germany’s K+S fertilizer, RBC is close to spinning off a Swiss bank and what’s this? A new SPAC (special purpose acquisition corporation) headed by Anthony Melman, chaired by Belinda Stronach, and backed by Calin Rovinescu, Hunter Harrison, Rick Waugh and Geoff Beattie is launching an IPO to raise $275-million. I’d say it’s a done deal.More »
Thursday, Jun. 25, 2015 7:24PM EDT
RICHARD BLACKWELL AND JACQUELINE NELSON
The ownership structure at one of Canada’s fastest-growing renewable energy companies has been shaken up and top management shuffled.
Calgary-based BluEarth Renewables Inc., which owns a portfolio of wind, solar and hydroelectric projects across the county, was jointly owned by the Ontario Teachers’ Pension Plan and an arm of ARC Financial Corp., along with a stake held by management. Now, Teachers has bought out ARC, leaving control of the company in the hands of one of the country’s biggest pension managers.More »
Thursday, Jun. 25, 2015 4:47PM EDT
Rumours that Royal Bank of Canada is in advanced talks to sell its Swiss private banking arm is hardly a surprise, given that shifting financial regulations in Switzerland have made private banking a challenging industry for foreign banks operating there.
Bloomberg News reported that RBC is in advanced talks to sell its unit to Banque Syz SA, a division within the Syz Group, a privately owned asset manager with 28.6 billion Swiss francs ($37.7-billion) in administered assets globally.More »
Thursday, Jun. 25, 2015 12:02PM EDT
Mogo Finance Technology Inc. faced pressure in its public debut in Canada, dropping more than 5 per cent on the first day of trading on the Toronto Stock Exchange.
The Vancouver-based online lender is a rare disappointment in a heady Canadian initial public offering market in 2015. Other recent IPOs such as Cara Operations Ltd., Shopify Inc. and Stingray Digital Group Inc. had sizable first day pops.More »
Thursday, Jun. 25, 2015 5:00AM EDT
Impressed by strong results from a growing number of U.S. boutique investment dealers, Canadians are finally showing the courage to launch equivalent firms on this side of the border.
In the U.S., small advisory shops such as Centerview Partners and Moelis & Company keep winning major mandates, stealing deal flow that traditionally would have gone to bulge bracket investment banks. Historically, Canadians were thought to be too timid to launch their own because the big bank-owned dealers have so much clout here – the country is only so big and these large institutions have their hands in so many deals.More »
Thursday, Jun. 25, 2015 5:00AM EDT
Interesting fact: Ahold NV received the designation “Royal” from Dutch Queen Beatrix in 1987. Another interesting fact: After yesterday’s $12.9-billion merger with Belgium’s Delhaize Group, Royal Ahold is now one of the world’s largest supermarket giants, and once its U.S. operations are merged, the Dutch company will own one of the largest grocery chains in the states.More »
Wednesday, Jun. 24, 2015 5:00AM EDT
It’s property day at the Daily Deal Roundup: A new Canada Pension Plan Investment Board joint venture in India has made its first move, snapping up a $220-million (U.S.) IT park, while Onex has quietly unloaded a $400-million (U.S.) shopping mall in New York. And just for a change of pace, a Canadian startup that produces recipes for cannabis-laden treats has just been bought up by U.S. medical marijuana industry supply company Green Technology. Anyone got the munchies?More »
Tuesday, Jun. 23, 2015 4:12PM EDT
Former Maple Leaf Foods Inc. executive Michael Vels has been appointed CFO of Hydro One Inc.
Mr. Vels spent more than two decades at Maple Leaf Foods, including a 10-year stint as its CFO. In 2014 he was replaced by Debbie Simpson following a restructuring at the company, after the sale of Canada Bread to Grupo Bimbo of Mexico.More »
Tuesday, Jun. 23, 2015 6:00AM EDT
After 20 long months, the shell shock stemming from Brian Porter’s radical house cleaning is starting to subside. The billion-dollar question now is whether the pain was worth it.
Since he took over as Bank of Nova Scotia’s chief executive officer in November, 2013, Mr. Porter has put the lender’s executive ranks through intense upheaval. In that time, the financial institution has changed its chief risk officer, chief operating officer, capital markets co-head, wealth management head, marketing head, Latin American head and Mexican head.More »
Tuesday, Jun. 23, 2015 5:00AM EDT
Do you know what it feels like to be rejected? Anthem and Energy Transfer Equity do. Both made $47-billion (U.S.) bids for different American companies, and both were promptly spurned. Meanwhile after news of Borealis Infrastructure’s $9.7-billion bid for Severn Trent, The Telegraph wrote that our giant pension funds are “the new masters of the universe” (see story at bottom) with a “unique investing approach” that could see Canada challenging Wall Street. Who, us?More »
Monday, Jun. 22, 2015 3:05PM EDT
The push to attract new institutional investors is ramping up at Manulife Financial Corp., as the insurer brings on new leaders to fuel the five-year expansion plan for its private markets business.
Manulife said Monday that it appointed three senior managers to newly created roles, a response to some early success the asset management group has seen since being formed in late 2013.More »
Monday, Jun. 22, 2015 10:02AM EDT
Tiff Macklem, the former senior deputy governor of the Bank of Canada, has been appointed to Bank of Nova Scotia’s board of directors, in a move that bolsters the bank’s insight into monetary policy and global finance.
At the central bank, Mr. Macklem helped steer financial policy during the global financial crisis until his departure in 2014 – soon after he was passed over to succeed governor Mark Carney.More »
Monday, Jun. 22, 2015 6:00AM EDT
Bolstered by its successful capital markets expansion in the United States, Canada’s biggest investment bank is hiring aggressively across the Atlantic, aiming to position itself as a leading global dealer.
A decade ago, RBC Dominion Securities was largely a Toronto-centric firm. But in the aftermath of the financial crisis the investment bank doubled down in the U.S., particularly in New York, hiring scores of bankers and research analysts.More »
Friday, Jun. 19, 2015 7:43PM EDT
Telus Corp. and Rogers Communications Inc. are in a race to acquire Mobilicity and the federal government appears poised to approve a deal with one of the suitors.
At least one of the proposed transactions includes the transfer of cellular airwaves to new entrant wireless carrier Wind Mobile Corp.
The blessing of a sale to one of Canada’s largest wireless carriers would appear to be a dramatic change in policy for the government which has worked hard to spur competition in the wireless industry and support alternatives to the dominant carriers. However, the involvement of Wind is believed to be a key factor in Ottawa’s reasoning.More »
Friday, Jun. 19, 2015 5:48PM EDT
Zargon Oil & Gas Ltd. is facing pressure from a U.S. hedge fund to sell assets and cut costs, the latest sign that shareholder activism is heating up amid the collapse in oil prices.
Livermore Partners, based in Northbrook, Ill., said it wants to be “deeply involved” in decision-making at the Calgary-based oil producer as the company plots ways to cope with the energy-price downturn.More »
Friday, Jun. 19, 2015 5:39PM EDT
Not much happened deal-wise over the past 24 hours–it must be the weekend. After catching up on the Enbridge deal, you might want to just skip down to the bottom where you’ll find a link to an interesting podcast featuring Marc Andreessen on how Facebook was mis-valued for billions less than it was worth before it went public. Crazy stuff.More »
Friday, Jun. 19, 2015 4:46PM EDT
“On fire.” “Going gangbusters.” “Hot, hot, hot!” Just some of the superlatives that have been thrown around to describe the Canadian IPO market over the past few months.
And why not? From Cara Operations Ltd. to Shopify Inc. to Stingray Digital Group Inc., it has been one slam dunk initial public offering after another. The drill has generally been the following: File a preliminary prospectus, see demand for your shares vastly outstrip demand, increase the size of the deal, price higher than you expected, then sit back and watch the stock rocket on day one.More »
Friday, Jun. 19, 2015 5:00AM EDT
There’s been a lot of speculation in the news over the past 24 hours: Will Cenovus and the Ontario Teachers’ Pension Plan sign a massive land deal? Will Teck Resources buy a gold mine from Barrick? Will Martha Stewart finally sell Omnimedia? Will Hootsuite launch an IPO? Read on to find out ...
DEAL OF THE DAY: Cenovus in ‘advanced’ talks with Teachers over land asset saleMore »
Thursday, Jun. 18, 2015 7:03PM EDT
Private equity executive Aaron Regent has approval from his two main Asian investors to make an offer for Barrick Gold Corp.’s Chilean copper mine, according to people familiar with the matter.
Mr. Regent’s private equity firm is one of a handful of entities that have made it into the second round of bidding for Barrick’s Zaldivar mine. The mine, which has been referred to as the Andean ATM because it generates so much cash, has become one of the hottest assets for sale in this depressed commodities market.More »
Sign up for our newsletter
Janet specializes in reporting on corporate governance, compensation and securities industry regulation, and oversees the Globe's annual Board Games review of corporate governance practices of Canada's largest companies.
Sean Silcoff joined The Globe and Mail in January, 2012, following an 18-year-career in journalism and communications. He previously worked as a columnist and Montreal correspondent for the National Post and as a staff writer at Canadian Business Magazine.
Rachelle Younglai is The Globe and Mail's mining reporter. Prior to joining The Globe in October 2013, she worked for Reuters in Washington for seven years, where she covered the U.S. Congress, politics, economic policy and the U.S. Securities and Exchange Commission.