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)
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
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