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Canadian utilities exploited ‘lazy’ balance sheets at U.S. rivals Add to ...

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CEOs at Canada’s largest utilities would be reluctant to admit it publicly, but for the past year, they’ve taken advantage of what they privately like to call “lazy” balance sheets at their U.S. rivals to stage a series of bold takeovers.

Led by massive acquisitions from pipeline companies Enbridge and TransCanada, six domestic businesses spent approximately $87-billion in the past 12 months snapping up U.S. firms. These are transformative deals, as each buyer vaulted to the leading ranks of North American utilities. For Canadians, the takeovers are a refreshing reverse of the trend that saw local champions in sectors such as mining and manufacturing picked off by foreign buyers.

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