Friday, Jul. 03, 2015 6:38PM EDT
Valued at $37-billion, it’s the biggest American insurance industry merger ever: Aetna and Humana are now one, and industry watchers say the merger could kick off even more consolidation in the American insurance sector. Meanwhile, here at home, the Caisse has partnered up with an Irish multinational to snap up IPL, a Quebec plastics producer that specializes in plastic tubs and other food packaging. (And yes, for those watching, the saga at Pacific Rubiales continues to drag on, with no end in sight.)More »
Friday, Jul. 03, 2015 5:35PM EDT
Canadian Imperial Bank of Commerce’s troubled Caribbean arm is finally turning the corner following an extensive restructuring, but the appointment of a new chief executive officer is sending mixed signals about the bank’s plans for the unit.
A few weeks ago, the lender’s head of corporate banking Gary Brown was quietly appointed the next CEO of CIBC FirstCaribbean, based in Barbados. Mr. Brown will take over from departing head Rik Parkhill on January 1.More »
Friday, Jul. 03, 2015 5:00AM EDT
Puerto Rico’s crippling debt load is sending the commonwealth into a financial tailspin, creating uncertainty for Bank of Nova Scotia.
Canada’s third-largest lender has operated in Puerto Rico for more than a century and, in 2010, the bank doubled down, buying R-G Premier Bank after it was taken into receivership by the U.S. Federal Deposit Insurance Corp. The deal provided Scotiabank with 29 extra branches and added 1,200 new employees, as well as $5.6-billion (U.S.) worth of assets.More »
Friday, Jul. 03, 2015 5:00AM EDT
Apparently $8.7-billion just isn’t enough. The biggest news in Canadian deals from the last 24 hours is a big rejection of Potash’s offer for Germany’s K+S. Most of the other big deals today (including Centene’s $6.3-billion (U.S.) acquisition of Health Net) took place south of the border. Still, we can celebrate a strong first half of the year here in Canada with RBC and BMO leading the M&A rankings for H1, mainly thanks to that big asset transfer at Enbridge.More »
Thursday, Jul. 02, 2015 6:25PM EDT
Aston Hill Financial Inc. has lost a key portfolio manager, the latest in a series of setbacks for the embattled asset manager. Late Tuesday, the company announced that Jeffrey Burchell, who had been with the company since 2010 and was also its co-chief investment officer, had resigned.
“While I’m saddened to leave Aston Hill and the team; I was presented with a great opportunity to revisit my hedge-fund background that I just couldn’t pass up,” Mr. Burchell wrote in a note to advisers.More »
Thursday, Jul. 02, 2015 6:04PM EDT
Hopes for a major recovery in oil prices this year are dimming, which could lead to a gusher of energy company mergers and acquisitions as corporate finances creak under the strain.
The deal flow in the Canadian oil patch has been muted so far this year, as would-be sellers waited for an uptick in commodity prices to lift the potential proceeds they could garner for their assets. At around $5-billion, the transaction value in the first half was about a quarter of the year-earlier amount.More »
Thursday, Jul. 02, 2015 1:58PM EDT
In Canada’s balkanized financial markets enforcement regime, when one provincial watchdog bans or suspends a fraudster or someone else who has violated securities rules, the others usually need to hold their own “rubber stamp” hearings to make the order apply in other provinces.
But the Alberta Securities Commission announced Thursday that as of July 1, most orders and settlement agreements made by other securities commissions across Canada will “automatically take effect” in Alberta, without any hearing or any notice to the person or company affected. Decisions made by regulators outside Canada, such as the U.S. Securities Exchange Commission, will not be automatically reciprocated, but could still be rubber-stamped and enforced by the ASC as they are now.More »
Thursday, Jul. 02, 2015 11:07AM EDT
Macquarie Capital Markets Canada has added an investment banker to its equity capital markets (ECM) team.
Daniel Goldberg joins the dealer as a vice-president in ECM, the group that prices and executes equity financings. Before this, Mr. Goldberg worked at CIBC World Markets, where he was a director in the office of the vice chairman under Jim Prentice, and also worked in investment banking in both Winnipeg and Toronto.More »
Thursday, Jul. 02, 2015 5:00AM EDT
Given that the markets were closed for Canada Day yesterday, you won’t be surprised that there aren’t many deals to report today. But what the deals lack in number, they make up for in size, with Brookfield’s $6.8-billion offer for Australia rail freight firm Asciano making headlines on both sides of the globe. A big deal, but not big enough for some of Asciano’s shareholders, who worry it undervalues the company. To some, it could even be considered robbery.More »
Thursday, Jul. 02, 2015 4:45AM EDT
Canadian deal flow surged in the first half of the year, with large financings and acquisitions contributing to a hike in business for investment banks.
Canadian new equity issuances flew high in the first six months, as investment banks raised more than $30-billion for companies, according to data from Thomson Reuters.More »
Wednesday, Jul. 01, 2015 6:04PM EDT
Canada’s proposed Digital Privacy Act, aimed at helping Canadians protect their personal information online, exposes everyone from a tiny convenience store to a multinational corporation to onerous requirements they may not be able to meet, some privacy lawyers are warning.
One provision of Bill S-4 that’s sounding alarms, for example, is the mandatory reporting of all data security breaches to the Privacy Commissioner, says David Fraser at McInnes Cooper.More »
Wednesday, Jul. 01, 2015 5:17PM EDT
For those of you that aren’t avid followers of the legal “argle-bargle” and “jiggery-pokery” of the U.S. Supreme Court, you could be forgiven for thinking that Obergefell v. Hodges, which dealt with same-sex marriages, was the only major civil-rights decision the court handed down last week. And rightfully so: Obergefell is both a social and legal landmark.More »
Wednesday, Jul. 01, 2015 5:00AM EDT
It was big day for Canada on the deals front: Apart from the massive $3.3-billion Cenovus land sell-off to Teachers and the Prime Advisors acquisition by Sun Life, the last 24-hours have seen a pile of interesting medium and smaller deals too. Ballard Power Systems is paying $30-million for Protonex, Ricoh Canada is snapping up Graycon Group, and Magna is reportedly eyeing a German auto transmission systems manufacturer. Oh, and Element Financial still isn’t satisfied after its $8.6-billion GE Capital fleet business acquisition – it says a similar unit owned by Hertz may be next. Happy Canada Day!More »
Tuesday, Jun. 30, 2015 5:44PM EDT
For the oil patch, the legacy of Legacy may be a much greater wariness of debt. At least for a while.
Legacy Oil + Gas’s debt-heaviness against a backdrop of collapsing crude prices led the energy producer into the arms of Crescent Point Energy in a deal that garnered investor approval on Tuesday.
It’s certainly not what CEO Trent Yanko envisioned when he started the business in 2009, and he says it’s a cautionary tale to other oil-industry builders. There are more than a few in downtown Calgary facing similar pressures and, if the commodity trough extends into the autumn, look for them to get picked off at bargain prices too, after exhausting other options.More »
Tuesday, Jun. 30, 2015 4:58PM EDT
Sun Life Financial Inc. has snapped up another U.S. money manager that specializes in long-term investors, rounding out its institutional investment platform in North America.
On Tuesday, Sun Life Investment Management said it would buy Redmond, Wash.-based Prime Advisors Inc., absorbing $13-billion (U.S.) in assets under management. The terms of the deal weren’t disclosed.More »
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 »
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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.