Investment bank Goldman Sachs & Co. signalled it expects the torrid pace of cross-border takeover activity to continue by naming a veteran deal maker to the newly created role of head of Canadian mergers and acquisitions.
Goldman recently announced that Toronto-based managing director Luke Gordon, who joined the firm in 1999, is taking responsibility for advising Canadian clients on takeovers, as part of the global team that focuses on M&A assignments.
"Canada is a critical market for the Goldman Sachs M&A franchise, and Luke is one of our most talented M&A bankers, bringing both a wealth of general and Canadian specific M&A experience," said Michael Carr, global co-head of M&A at New York-based Goldman. Story
CPPIB to build malls as India mulls more access for foreign retailers
International retailers are looking to India's emerging middle class to spur sales growth, and Canada's largest pension fund is taking notice.
The Canada Pension Plan Investment Board said on Wednesday it would launch a partnership to buy and build retail-focused developments across the country. CPPIB, which has also been busy investing in malls in China's developing economy, will partner with developer Phoenix Mills Ltd. in the venture. CPPIB plans to spend $330-million over all for a 49-per-cent stake in the investment platform.
The way CPPIB sees it, India's retail sector is gearing up for a long period of growth spurred by its burgeoning middle-class population. The fund's deal team has observed that international retailers are increasingly attracted to India, leading to solid demand for store space in good areas. Indian government indications that the retail sector will open up to more foreign companies has also given the fund added confidence in the investment. Story
DAILY DEALS
On Wednesday, JAB Holding Co., which is privately held, said it would add the Panera Bread Co. restaurant chain to its growing empire of U.S. coffee and food favourites for $7.5-billion, including debt. Story
ELSEWHERE IN FINANCE
TD walks back tax exemption request to ad agencies, following pressure Story (The Globe and Mail, subscription required)
Apple Pay promised to make plastic obsolete. Then came wary shoppers, confused clerks Story (WSJ, subscription required)
Behind J.P. Morgan's $100-million cell phon trade Story (WSJ, subscription required)
Why pay a fortune to M&A bankers? Story (Bloomberg Gadfly)
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