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A Canadian Imperial Bank of Commerce location in Toronto.
A Canadian Imperial Bank of Commerce location in Toronto.
(Deborah Baic/The Globe and Mail)

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How dumb luck can save shareholders the misery of failed mergers

A billionaire oversleeps, or so the story goes, and potential disaster is averted for a Canadian private equity firm. A finance minister says no, and two of Canada’s most stumbling financial giants are not able to combine into one big mistake-prone beast.

Companies like to do deals, and sometimes the only thing that saves shareholders is a little intervention in the form of pure luck.