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Oct 29, 2010

Provinces mount pressure on Canada over Potash bid

TORONTO/OTTAWA (Reuters) – Saskatchewan lined up more support for its attempt to overturn a hostile bid for provincial crown jewel Potash Corp on Friday, increasing political pressure on the Canadian government to reject the deal.

Industry Minister Tony Clement must decide by midnight November 3 whether to approve the $39 billion bid from Anglo-Australian mining giant BHP Billiton.

Oct 28, 2010

Scenarios: What could happen to Potash Corp?

TORONTO (Reuters) – As the November 3 deadline nears for Canada to decide on whether to block BHP Billiton’s (BLT.L: Quote, Profile, Research, Stock Buzz) bid for Potash Corp (POT.TO: Quote, Profile, Research, Stock Buzz), political rhetoric and speculation surrounding the $39 billion takeover battle has intensified.

Shares of Potash Corp fell 2.8 percent in New York early Thursday afternoon on a report in the Globe and Mail newspaper that raised fresh concerns that the federal government was leaning toward blocking the hostile bid by the Anglo-Australian miner.

Oct 28, 2010

What could happen to Potash Corp?

TORONTO, Oct 28 (Reuters) – As the Nov. 3 deadline nears
for Canada to decide on whether to block BHP Billiton’s (BLT.L: Quote, Profile, Research, Stock Buzz)
bid for Potash Corp (POT.TO: Quote, Profile, Research, Stock Buzz), political rhetoric and
speculation surrounding the $39 billion takeover battle has
intensified.

Shares of Potash Corp fell 2.8 percent in New York early
Thursday afternoon on a report in the Globe and Mail newspaper
that raised fresh concerns that the federal government was
leaning toward blocking the hostile bid by the Anglo-Australian
miner.

Oct 20, 2010

Canada boomers seek yield from established issuers

TORONTO (Reuters) – Investor appetite for new equity will favor yield-bearing, secondary issues over the next 12 months rather than IPOs, with an emphasis on established names, according to a leading Canadian investment banker.

Roman Dubczak, head of equity capital markets at Canadian Imperial Bank of Commerce, said the appetite comes from managers of dividend funds and from baby boomers heading for retirement and sitting on cash. Both groups are looking for a home in yield-bearing equities, or those that pay dividends, offered by established issuers.

Oct 4, 2010

Canada’s junior gold miners sparkle as M&A targets

TORONTO, Sept 16 (Reuters) – When junior miner Andean
Resources (AND.AX: Quote, Profile, Research, Stock Buzz)(AND.TO: Quote, Profile, Research, Stock Buzz) sold itself to Goldcorp (G.TO: Quote, Profile, Research, Stock Buzz) for
C$3.4 billion ($3.3 billion) last month, it cashed out for
about 100 times the amount it had invested in its flagship
Cerro Negro gold project.

A host of Canadian gold juniors could pull off a similar
feat over the next 12 months as big gold miners rush out to buy
smaller companies that own reserves, instead of looking to make
their own discoveries.

Oct 1, 2010

Boots on ground win Repsol coup for Scotia Capital

TORONTO, Oct 1 (Reuters) – Canada’s Scotia Capital scored a
coup as sole adviser on Friday’s blockbuster Repsol deal to
sell a stake in its Brazilian deep water oil assets, squeezing
out bankers who had hoped for a slice of a forthcoming IPO.

A road show to sell the initial public offering was set to
begin in 10 days, ahead of a Sao Paolo listing before year-end.
Scotia didn’t wait, leading the $7.1 billion sale of a 40
percent stake in Repsol Brasil, a unit of Spain’s largest oil
company (REP.MC: Quote, Profile, Research, Stock Buzz), to China’s Sinopec Group (0386.HK: Quote, Profile, Research, Stock Buzz).
[ID:nLDE69007U]

Sep 24, 2010

U.S. regulators urged to review Valeant-Biovail deal

TORONTO (Reuters) – Two California legislators have asked U.S. authorities to re-examine a proposed $3.3 billion merger between U.S.-based Valeant Pharmaceuticals International and Canada’s Biovail Corp, days before shareholders are to vote on the deal.

In separate letters, assemblymen Kevin de Leon and Jared Huffman asked the Securities and Exchange Commission and the U.S. Department of Justice to look again at the deal which has already received regulatory approvals.

Sep 23, 2010

Casey’s under pressure to deliver after vote

TORONTO (Reuters) – After a resounding vote of confidence from its shareholders on Thursday, Casey’s General Stores must deliver on its strategy of rejecting a firm, $2 billion takeover bid in favor of a less certain embrace by the world’s No.1 convenience store chain.

Even though Casey’s (CASY.O: Quote, Profile, Research, Stock Buzz) investors rejected a slate of directors nominated by Alimentation Couche-Tard (ATDb.TO: Quote, Profile, Research, Stock Buzz), the Montreal-based company is unlikely to abandon its five-month effort to swallow Casey’s.

Sep 22, 2010

Sinochem hires banks to explore Potash counterbid

HONG KONG/TORONTO (Reuters) – China’s Sinochem Corp has hired investment banks to look at toppling BHP Billiton’s $39 billion (24 billion pounds) bid for Potash Corp, sources said, as the miner warned it would not be caught in an expensive bidding war for the world’s largest fertiliser group.

State-owned chemicals group Sinochem has hired Deutsche Bank and Citigroup to evaluate measures to foil BHP’s bid for Potash, sources with direct knowledge of the matter told Reuters. The sources were not authorised to speak publicly on the matter.

Sep 22, 2010

BHP says any Potash bid must offer shareholder value

TORONTO (Reuters) – BHP Billiton would rather drop its efforts to buy Potash Corp than raise its $39 billion offer to a level that exceeds good value for BHP shareholders, its chief executive said on Tuesday.

That said, CEO Marius Kloppers insisted he was unconcerned by the possibility of a rival bid emerging for the world’s No.1 fertilizer producer, even as more reports surfaced pointing to China’s keen interest in derailing BHP’s quest.