Skip to main content

Streetwise Streetwise newsletter: Could a Canadian bank be a rival bidder for MB Financial?; BMO Nesbitt Burns launches new U.S. group

Here are the top reads on deals and financial services over the last 24 hours,

Banks: If Fifth Third Bancorp’s announced US$4.7-billion deal to buy Chicago’s MB Financial is faltering, one analyst is wondering aloud whether there’s an opening for a rival bank to make a hostile bid. If so, could Bank of Montreal or Canadian Imperial Bank of Commerce be among the suitors? Story (James Bradshaw, for subscribers)

Story continues below advertisement

Investment banking: BMO Nesbitt Burns, the Bank of Montreal’s investment banking arm, has hired three new managing directors in New York – all of whom specialize in the power, utilities and infrastructure sector and come from the U.S. office of its domestic rival, RBC Dominion Securities. Story (Alexandra Posadzki, for subscribers)

OMERS and DuckDuckGo: One of Canada’s largest pension funds is financing DuckDuckGo Inc., a rapidly growing search engine that positions itself as the “anti-Google” because it doesn’t track or store its users’ search results. The Ontario Municipal Employees Retirement System is leading a US$10-million investment in the profitable U.S. firm. Story (Sean Silcoff, for subscribers)

Bank earnings season is upon us: Concerns about the Canadian housing market have been weighing on bank stocks this year, and it’s likely that these concerns will be a focal point for investors as the big banks roll out their fiscal third-quarter results starting this week. Royal Bank of Canada will kick things off on Wednesday morning, followed by Canadian Imperial Bank of Commerce on Thursday. Next week, Bank of Montreal, Bank of Nova Scotia and National Bank of Canada will report their respective results, with Toronto-Dominion Bank closing the reporting season on Aug. 30. Story (David Berman, for subscribers)

Capital call: Newton Glassman’s Catalyst Capital Group Inc. is asking its investors for money as the private-equity firm’s efforts to sell many of its corporate holdings drag on. Catalyst issued a capital call this month to backers of a $1-billion fund, asking investors to send money equal to 5 per cent of their original commitment. Story (Andrew Willis and Jeffrey Jones, for subscribers)

MORE DEALS NEWS

Beverage industry: PepsiCo will buy carbonated drink-machine maker SodaStream for US$3.2 billion as it battles Coca-Cola for an edge in the health-conscious beverage market. Story

The Streetwise newsletter is Tuesday to Saturday. If you’re reading this on the web, or if someone forwarded this e-mail to you, you can sign up for Streetwise and all Globe newsletters on our signup page.

Report an error Editorial code of conduct
Comments

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • All comments will be reviewed by one or more moderators before being posted to the site. This should only take a few moments.
  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed. Commenters who repeatedly violate community guidelines may be suspended, causing them to temporarily lose their ability to engage with comments.

Read our community guidelines here

Discussion loading ...

Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.
Cannabis pro newsletter