A look at some must-read news on deals and deal makers around the world
Suncor diversifies, derisks
Suncor Energy and Total SA's partnership in the oil sands is a savvy play by Suncor head Rick George. By teaming up with Total, he gets a big cheque up front -- $1.75-billion -- and he gets the backing of a supermajor that can write further big cheques when investments need to be made. Mr. George has also diversified Suncor's portfolio by adding a stake in the Joslyn asset of Total. What's more, as Suncor and Total will now be jointly developing two big projects on the same timeline, being bigger may help to hold down costs by giving more clout when buying equipment and hiring the people and contractors necessary to get the job done.
Onex looks to sell Huskey for as much as $2-bln
Onex Corp. is looking at as much as a triple on its investment in machinery maker Husky Injection Molding Systems. Onex is shopping the company and may get as much as $2-billion, Bloomberg News reported. The likely buyers are other buyout firms. Goldman Sachs Group and JPMorgan Chase are running the auction. It would be a big return in a short period of time for Onex . The company's Onex Partners buyout fund invested about $524-million (U.S.) in Husky, which it bought using some debt in 2007 for almost $1-billion.
Mark Madoff, behind the scenes
The New York Times takes a compelling look at the life and death of Mark Madoff, the son of Bernie Madoff who hanged himself last week in New York.
Mark Madoff was well known and well liked by many on Bay Street. Mr. Madoff served on boards such as Regulation Services Inc., which oversaw the Canadian market, and at the Securities Traders Association.
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