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If Brian Porter wants to acquire a majority stake in CI Financial, he must buy all of the company under a poison pill clause.
If Brian Porter wants to acquire a majority stake in CI Financial, he must buy all of the company under a poison pill clause.
(FERNANDO MORALES FOR THE GLOBE AND MAIL)

Scotiabank's dilemma: Take over CI or let it be?

For Brian Porter, the new head of Bank of Nova Scotia, the priority is making the deals the bank has already done really perform for shareholders. One of these days, though, he is going to have to make the call on the big transaction that has not been done – buying the rest of CI Financial.

Mr. Porter is just breaking in his new chief executive’s chair at Scotiabank. In the lead up to taking over from Rick Waugh, Mr. Porter broadcast clearly what he wants to do first. The bank has laid out billions to buy assets at home and abroad, and he will want to jack up the returns from businesses such as Banco Colpatria in Colombia and ING Direct (now known as Tangerine) here in Canada.