Andrea's Feed
Jun 30, 2011

Maple tries softer sell for TMX after LSE defeat

TORONTO (Reuters) – After seeing its trans-atlantic rival go down to defeat, the Maple Group consortium of Canadian banks and pension funds said on Thursday it would like to proceed with a takeover of TMX Group (X.TO: Quote, Profile, Research) on a friendlier note.

“Nobody is looking at this and saying ‘Okay, now let’s pack up our tent and go home’,” a source with the 13-member consortium said a day after the London Stock Exchange’s (LSE.L: Quote, Profile, Research) friendly takeover bid for Toronto Stock Exchange operator TMX collapsed in the face of Maple’s richer, hostile challenge.

Jun 29, 2011

Analysis – Nationalism casts shadow over Canada after TMX deal

TORONTO (Reuters) – When Canada’s big banks and pension funds needed sizzle to combat the steak offered by the London Stock Exchange’s bid for the Toronto Stock Exchange, they looked only as far as the Canadian flag.

The iconic red maple leaf — and sweet syrup from the trees — conveyed in a word what the Maple Group consortium of big financial firms wanted to tell TMX shareholders: We don’t want foreigners controlling our markets, do we?

Jun 29, 2011

Maple now in driver’s seat in TMX takeover deal

TORONTO (Reuters) – A consortium of Canadian banks and pension funds shifted into the driver’s seat on Wednesday in the fight to take over the operator of the Toronto Stock Exchange but it must still dodge a raft of antitrust concerns.

With a merger of the London and Toronto stock exchanges now dead, homegrown bidder Maple Group has the only takeover offer on the table for TMX Group, which operates Canada’s major stock market.

Jun 28, 2011

Proxy firms’ backing to help LSE in race for TMX

TORONTO (Reuters) – Endorsements from leading proxy advisory firms could become the London Stock Exchange’s (LSE.L: Quote, Profile, Research, Stock Buzz) secret weapon as it bids for the widely held TMX Group (X.TO: Quote, Profile, Research, Stock Buzz), operator of the Toronto Stock Exchange.

But it’s still not clear if the deal’s backers will muster the two-thirds of the shares they need for the C$3.6 billion ($3.7 billion) proposal to go ahead, or if shareholders will prefer a C$3.8 billion hostile offer from Maple Group, a consortium of Canadian banks and pension funds.

Jun 27, 2011

Maple, LSE talk tough in last-minute dash for TMX

TORONTO (Reuters) – Bidders for the operator of Canada’s largest stock exchange jockeyed on Monday for the upper hand in their war of words, as the deadline loomed for TMX Group shareholders to decide between an offer from London Stock Exchange or a home-grown rival.

With shareholders set to vote Thursday on the friendly LSE bid, the public face of the rival Maple Group consortium of Canadian financial institutions and pension funds took to a conference call to insist the group’s bid was superior to the LSE’s offer by C$5 a share.

Jun 1, 2010

Scotiabank Q2 profit rises 26 pct, beats Street

TORONTO, June 1 (Reuters) – Bank of Nova Scotia (BNS.TO: Quote, Profile, Research)
said on Tuesday quarterly profit rose 26 percent as domestic
banking had a record quarter and loan losses fell again,
exceeding expectations and sending its shares up 3.5 percent.

The strong profit growth at Canada’s third-largest bank
capped a mixed earnings season for the country’s big lenders,
in which credit losses improved but currency woes and weaker
trading revenues took the shine off hefty profits.

May 27, 2010

Canada bank profits rise but shy of forecasts

TORONTO, May 27 (Reuters) – Profits at three big Canadian
banks rose but came in short of lofty expectations on Thursday
as trading headwinds, the strong currency and taxes took the
shine from improving loan losses.

The nation’s largest bank, Royal Bank of Canada <RY.TO>,
said the stronger Canadian dollar took a big bite out of
capital markets and wealth management revenues in the second
quarter, offsetting strong domestic banking operations.

May 26, 2010

BMO, Laurentian Bank profits surge in Q2

TORONTO, May 26 (Reuters) – Canadian banks kicked off their
second-quarter earnings season on Wednesday with Bank of
Montreal and Laurentian Bank reporting strong profit growth,
sending banking industry shares higher.

Bank of Montreal <BMO.TO>, Canada’s fourth-largest lender,
said its profit doubled in the three months ended April 30 as
loan losses fell and capital markets surged. Its results
handily beat analysts’ forecasts.

May 26, 2010

Bank of Montreal profit doubles, beats Street

TORONTO, May 26 (Reuters) – Bank of Montreal <BMO.TO> said
on Wednesday its profit doubled in the second quarter as loan
losses fell and capital markets surged, surpassing market
expectations.

The surprisingly strong results kicked off Canada’s bank
earnings season with a bang and raised expectations for better
credit quality at all of Canada’s big lenders, most of which
report quarterly results this week.

May 25, 2010

Canada bank profits seen higher again in Q2

TORONTO, May 23 (Reuters) – Canada’s stalwart and sturdy
banks are set to report another string of strong profits in the
second quarter — and that just may be the problem.

With credit losses easing, Canada’s biggest lenders are
expected to impress again as they unveil results. But as global
uncertainty takes a bite out of stock markets, even Canadian
banks may find it hard to live up to the hype.