Pav's Feed
Dec 6, 2011

Canada capital markets need nudge of confidence-BMO

TORONTO, Dec 6 (Reuters) – Low interest rates and
readily available capital could unleash a flood of acquisitions
and new issues in Canada next year, but only if there is calm in
Europe and shaky markets get their confidence back, a panel of
top investment bankers from the Bank of Montreal said on
Tuesday.

“The absence of negative news out of Europe is what will
allow us to get down to business,” said William Butt, executive
managing director in charge of global investment and corporate
banking at the bank’s capital markets arm.

Dec 1, 2011

Maple says TMX deal could give OSC a pricing role

TORONTO (Reuters) – The Canadian consortium seeking to buy TMX Group, operator of the Toronto Stock Exchange, said on Thursday it could give regulators the right to supervise clearing and settlement prices in order to gain approval of the C$3.8 billion (C$3.76 billion) takeover deal.

Under its TMX takeover proposal, the Maple Group consortium of Canadian financial services companies wants to also buy Canadian Depository for Securities (CDS), which clears and settles trades in Canada. This aspect of the deal has spurred fears of an unfair monopoly, and Maple said it is ready to compromise to get the deal done.

Dec 1, 2011

Maple says TMX deal could give OSC a pricing role

TORONTO, Dec 1 (Reuters) – The Canadian consortium seeking
to buy TMX Group (X.TO: Quote, Profile, Research), operator of the Toronto Stock
Exchange, said on Thursday it could give regulators the right
to supervise clearing and settlement prices in order to gain
approval of the C$3.8 billion (C$3.76 billion) takeover deal.

Under its TMX takeover proposal, the Maple Group consortium
of Canadian financial services companies wants to also buy
Canadian Depository for Securities (CDS), which clears and
settles trades in Canada. This aspect of the deal has spurred
fears of an unfair monopoly, and Maple said it is ready to
compromise to get the deal done.

Nov 30, 2011

Ottawa raises “serious concerns” about TMX-Maple deal

TORONTO (Reuters) – Canada’s competition regulator has “serious concerns” about a C$3.8 billion (2.4 billion pound) proposal to take over TMX Group (X.TO: Quote, Profile, Research), a deal that would bring most of the country’s financial exchanges under one roof.

Maple Group’s bid would unite the Toronto Stock Exchange and the TSX Venture Exchange for small-cap stocks with their largest competitor, Alpha Group, a so-called alternative trading system. Maple is also seeking to put the exchanges under the same umbrella as CDS, which clears and settles all trades in Canada.

Nov 30, 2011

Ottawa raises “serious concerns” about TMX deal

TORONTO (Reuters) – Canada’s competition regulator has “serious concerns” about a C$3.8 billion ($3.7 billion) proposal to take over TMX Group, a deal that would bring most of the country’s financial exchanges under one roof.

Maple Group’s bid would unite the Toronto Stock Exchange and the TSX Venture Exchange for small-cap stocks with their largest competitor, Alpha Group, a so-called alternative trading system. Maple is also seeking to put the exchanges under the same umbrella as CDS, which clears and settles all trades in Canada.

Nov 28, 2011

Cominar in bid to expand Canada property portfolio

TORONTO, Nov 28 (Reuters) – Cominar Real Estate Investment
Trust , aiming to create Canada’s second-largest
diversified property portfolio, has offered to buy Canmarc REIT in a hostile bid that values its rival at C$838
million ($800.4 million).

Canmarc’s office and retail properties would increase
Cominar’s asset base by 42 percent and position it for further
growth. Cominar, already the largest commercial property owner
in the province of Quebec, would trail only H&R Real Estate
Investment Trust as Canada’s biggest diversifed REIT
if the deal is completed.

Nov 25, 2011

Ontario Teachers to keep its Toronto sports empire

TORONTO (Reuters) – The Ontario Teachers’ Pension Plan has shelved plans to sell its 80 percent stake in Maple Leaf Sports and Entertainment Ltd, the “trophy asset” owner of Toronto’s big-league hockey and basketball teams.

Teachers, one of Canada’s largest pension fund administrators, began gauging the market for a sale of the stake in March, after several unsolicited expressions of interest.

Nov 24, 2011

Canadian M&As seen shrugging off market turbulence

TORONTO (Reuters) – Market turbulence won’t likely dissuade a wave of Canadian merger and acquisition activity in coming months as private equity funds deploy piles of cash on new investments and seek buyers for their mature assets, experts say.

Strategic buyers might stimulate further dealmaking as boards and CEOs come under pressure to spend billions in capital saved since the global economic crisis and face limited alternatives for organic growth.

Nov 20, 2011

Proxy battles loom as Canadian activists grow edgy

TORONTO, Nov 20 (Reuters) – Underperforming Canadian
companies should brace for a wave of shareholder activism as
investors try to wring value from portfolios that have been
battered in a global market slump.

In the last few weeks alone, three top companies -
BlackBerry maker Research In Motion , grain handler
Viterra Inc and Canadian Pacific Railway – have
faced highly public investor agitation, once a rarity in
Canada.

Nov 17, 2011

Canada’s TMX deal to run gauntlet of public scrutiny

TORONTO, Nov 17 (Reuters) – A consortium that wants to buy
Canada’s largest stock market operator will embark next week on
its public campaign to persuade regulators the C$3.8 billion
($3.7 billion) deal is good for the country’s capital markets.

In a series of hearings, Maple Group’s plan to buy TMX
Group , owner of the Toronto Stock Exchange, will come
under the scrutiny of the powerful securities commissions of
Quebec and Ontario as well as two other provincial watchdogs.