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Nov 22, 2010

Scotiabank ups wealth management with Dundee deal

TORONTO, Nov 22 (Reuters) – Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz),
Canada’s third largest lender, has agreed to buy the 82 percent
of DundeeWealth (DW.TO: Quote, Profile, Research, Stock Buzz) it does not already own for C$2.3
billion ($2.25 billion), boosting its domestic wealth
management presence significantly.

The move drove shares of Dundee Wealth and parent Dundee
Corp (DCa.TO: Quote, Profile, Research, Stock Buzz) up 6.7 and 5.7 percent respectively on Monday. It
comes as Scotiabank pushes to grow its global presence in
wealth management, which offers lucrative fees as well as
exposure to rebounding stock markets.

Nov 17, 2010

EBX to bid for Ventana, values miner at C$1.5 bln

TORONTO, Nov 17 (Reuters) – Canada’s Ventana Gold (VEN.TO: Quote, Profile, Research, Stock Buzz),
a junior miner in the vanguard of an exploration rush in
Colombia, has fielded a buyout offer from its top shareholder
that values the company at about C$1.5 billion ($1.47
billion).

EBX, owned by Brazilian billionaire Eike Batista, said on
Wednesday it plans to make a formal offer to buy the Ventana
shares it does not already own for C$12.63 each. EBX currently
has a stake of about 20 percent.

Nov 17, 2010

Tourmaline Oil to raise up to C$259 mln

TORONTO, Nov 16 (Reuters) – Tourmaline Oil Corp, run by
Calgary oilman Mike Rose, said late on Tuesday it priced an
initial public offering (IPO) to raise up to C$259.35 million
($254.14 million) next week amid recovering markets for IPOs.

Tourmaline, a Calgary-based natural gas producer, said it
would sell 10 million shares at C$21 each in the IPO and
another 850,000 shares at the same price to Rose and Robert
Yurkovich, another senior officer.

Nov 15, 2010

Analysis: Canada needs damage control after snub to BHP

TORONTO (Reuters) – The ghost of BHP Billiton’s $39 billion offer for Potash Corp will haunt Ottawa until it has clear rules on foreign takeovers and can persuade investors that a pro-business reputation remains intact.

Canada, which blocked the bid last Wednesday, said BHP lacked experience in potash mining and had not put forward a compelling case that its offer would be a net benefit to Canada. The Anglo-Australian miner withdrew its bid on Monday.

Nov 10, 2010

Canada’s CPPIB sees more U.S. property investments

TORONTO, Nov 10 (Reuters) – CPPIB plans to invest more in
U.S. real estate after major purchases in Manhattan and
Washington this year, said the head of Canada’s top pension
fund administrator, which posted a 7 percent rise in managed
assets on Wednesday.

David Denison, chief executive of Canada Pension Plan
Investment Board, told Reuters that opportunities still existed
in the U.S. property market, particularly in New York,
Washington and Los Angeles.

Nov 10, 2010

BMO bankers see active dealmaking in U.S. farm sector

TORONTO (Reuters) – The U.S. food sector is poised for consolidation in areas ranging from proteins and processed meats to bakery and retail as booming commodity prices squeeze earnings for some and drive profit for others, investment bankers for Canada’s Bank of Montreal (BMO.TO: Quote, Profile, Research, Stock Buzz) say.

“I think clearly that the macro environment is certainly better than it has been over the last couple of years,” said Scott Humphrey, head of BMO’s U.S. mergers and acquisitions group. “The availability of credit today is certainly helping in general dealmaking activity across a number of sectors.”

Nov 7, 2010

REITs zoom on boomer demand, but clouds may loom

TORONTO, Nov 7 (Reuters) – Soaring demand for Canadian real
estate investment trusts has driven sales of new equity to
pre-crisis levels, boosting bankers’ paychecks but stirring
fears the popular products may be vulnerable to a downturn.

A combination of ultra-low interest rates and yield-hungry
baby boomers seeking a haven for retirement savings has fueled
the surge, with REITs raising more than C$2 billion ($2
billion) year-to-date in secondary offerings.

Nov 3, 2010

Vatukoula Gold eyes North American listing

TORONTO, Nov 3 (Reuters) – Vatukoula Gold Mines (VGMS.L: Quote, Profile, Research, Stock Buzz), a
small gold producer listed on London’s AIM exchange, hopes to
be co-listed on a North American stock exchange by late January
as it pursues more exposure to global mining investors, Chief
Executive Dave Paxton said in an interview on Wednesday.

He would not say which exchange he was targeting, saying
only that he would file his application in early December. But
more than 30 percent of Vatukoula’s investor base is in
Toronto, with 18.3 percent of that in the hands of Sprott Asset
Management.

Nov 1, 2010

Ottawa decision looms on BHP’s bid for Potash

TORONTO/MELBOURNE (Reuters) – The biggest takeover of the year moves to the Canadian capital this week, as Ottawa decides if it will allow No. 1 global miner BHP Billiton to buy Potash Corp, one of Canada’s biggest companies.

A decision is due by midnight on November 3 (0400 GMT on November 4). A “yes” ruling would push the takeover a big step forward while forcing BHP to decide whether to raise its $39 billion hostile offer for the world’s largest fertilizer supplier. It would also alienate allies of Canada’s minority Conservative government.

Oct 30, 2010

Canadian provinces push Ottawa to block Potash bid

TORONTO/OTTAWA (Reuters) – Potash Corp’s home province is ratcheting up pressure on the Canadian government to block BHP Billiton’s hostile approach, while the company still insists that rival bids could emerge.

Saskatchewan, where fertilizer producer Potash Corp is based, wants Ottawa to reject the Anglo-American mining giant’s $39 billion offer, the largest takeover bid of 2010.