TORONTO, Sept 3 (Reuters) – Manulife Financial Corp
said on Wednesday it has agreed to acquire the Canadian
operations of Standard Life Plc for about C$4 billion
($3.7 billion) in cash, in a deal that significantly expands the
insurer’s presence in Quebec.
The Toronto-based insurer said the transaction builds on an
already successful wealth and asset management partnership with
TORONTO (Reuters) – Burger King’s (BKW.N: Quote, Profile, Research, Stock Buzz) proposed $11.5 billion acquisition of Canada’s Tim Hortons (THI.TO: Quote, Profile, Research, Stock Buzz) may offer big tax benefits to the U.S. fast food chain but the real tax winner is likely to be its controlling shareholder, 3G Capital.
The New York investment firm is not only deferring a capital gains tax hit in the U.S. because of the deal structure, but is also poised to reap a multitude of dividend tax and other benefits by moving Burger King’s domicile to Canada, tax experts on both sides of the border said.
TORONTO/VANCOUVER, Aug 26 (Reuters) – Barrick Gold Corp
is eliminating its corporate development team and more
cuts are in the works as the world’s top gold miner looks to
reduce costs, three sources familiar with the situation said on
The sources, who asked not to be named as they were not
authorized to discuss the matter publicly, said Rick McCreary,
the development team’s head, is leaving the company this week.
TORONTO, Aug 26 (Reuters) – Burger King Worldwide Inc
plans to buy Canadian coffee and doughnut chain Tim
Hortons Inc in a C$12.64 billion ($11.53 billion)
cash-and-stock deal that would create the world’s third-largest
fast-food restaurant group.
With roughly $23 billion in combined annual sales and more
than 18,000 restaurants in 100 countries, the new entity would
have a vast global footprint and huge growth potential, the
companies said in a joint statement on Tuesday.
TORONTO, Aug 25 (Reuters) – Investors in Burger King
Worldwide Inc and Tim Hortons Inc applauded
news of a potential merger between the two fast food chains,
seeing both tax savings and strategic rationale for a
The two companies confirmed late on Sunday that Burger King
is in talks to acquire the Canadian coffee and doughnut chain,
and that the combined entity would be based in Canada.
Shares of Tim Hortons jumped 18.9 percent to
close at $74.72 on the New York Stock Exchange on Monday, while
shares of Burger King, which is majority owned by investment
firm 3G Capital, rose 19.5 percent to $32.40.
TORONTO (Reuters) – Shares of Canadian coffee and doughnut chain Tim Hortons Inc (THI.TO: Quote, Profile, Research, Stock Buzz)(THI.N: Quote, Profile, Research, Stock Buzz) and U.S. fast-food company Burger King (BKW.N: Quote, Profile, Research, Stock Buzz) jumped on Monday after news that they are in merger talks.
The companies, which are comparable in size by market value, late on Sunday confirmed they were discussing a takeover of Tim Hortons by Burger King. They said the new entity would be based in Canada, which has a lower corporate tax rate than the United States, especially for entities with large amounts of earnings from overseas.
NEW YORK/TORONTO, Aug 24 (Reuters) – Burger King is
in talks to combine with Canadian coffee and doughnut chain Tim
Hortons Inc, a deal that would create a fast food
powerhouse with a combined market capitalization of roughly $18
The companies confirmed merger discussions late on Sunday
and said the new company would be the world’s third-largest
quick service restaurant and be based in Canada.
TORONTO, Aug 22 (Reuters) – Royal Bank of Canada on
Friday reported a bigger-than-expected increase in quarterly
earnings, driven by strong results from its wealth management
and capital markets divisions.
Canada’s largest bank, as widely expected, also boosted its
quarterly dividend by about 6 percent to 75 Canadian cents a
TORONTO, Aug 14 (Reuters) – Canada’s D2L Inc said on
Thursday it raised $85 million in venture capital funds, the
country’s biggest such deal this year, as the fast-growing owner
of educational software maker Desire2Learn looks to ramp up its
Already an established player in Internet-based learning in
North America, privately held Desire2Learn plans to spur its
global expansion efforts with the cash injection, one of the
five largest venture capital fund raises in Canada in the last
10 years, according to Thomson Reuters data.
TORONTO, Aug 11 (Reuters) – Canada’s Imperial Metals Corp
faces huge cleanup costs after a major spill at its
Mount Polley mine that may force the miner to sell part of a
prized new asset unless its biggest shareholder steps in to
help, bankers and industry executives said.
Imperial is on the hook for cleanup costs related to the
spill, which sent billions of gallons of sludge containing
metals and minerals coursing into waterways last week.