Canada’s Aussie gas station bid needs more fuel 26 Nov 2019 Quebec-based Couche-Tard has offered $7.3 bln including debt for Caltex to expand its filling station empire Down Under. At more than 9 times EBITDA the price looks good, while rival bidders are scarce. A mooted real estate IPO is Caltex’s best hope to squeeze out more value.
Cox: A Canadian breakup is back on the table 12 Nov 2019 Pent-up frustrations over economic fairness and other issues are fueling “Wexit” calls in energy-rich Alberta and breadbasket Saskatchewan. But one divide is over an issue that liberal democracies will confront with increasing frequency: how to respond to global warming.
Canada’s election could bring climate-change chill 18 Oct 2019 Even if Justin Trudeau’s Liberal Party loses to Conservatives next week, his national carbon tax looks safe. Yet the rate is too low, and unlikely to get tougher. Having a big, pollution-happy neighbor doesn’t help. Canada’s green wave may be reaching its political limits.
Irish bookie’s $6 bln deal is worth a flutter 2 Oct 2019 Paying a 38% premium usually raises eyebrows. Not so with Paddy Power parent Flutter Entertainment’s all-share acquisition of Toronto-based Stars Group. Cost savings alone almost justify the price. Meanwhile a revenue boost looks credible as legal U.S. sports betting opens up.
Canadian miner gives copper a belated deal patina 25 Sep 2019 China’s biggest producer of the metal may have built a nearly 10% stake in $6 bln First Quantum, and is negotiating to invest in its Zambian assets. The low price of copper, and depressed industry valuations, make it a good time to do more. It puts Rio Tinto on the M&A spot.
Blackstone $4.7 bln REIT deal houses market oddity 16 Sep 2019 Steve Schwarzman’s firm is paying an 18.5% premium to take Canadian property owner Dream Global private. The lack of daily pricing volatility helps explain why far more is invested in unlisted real estate. But REITs are liquid, have lower fees and tend to outperform.
Frere family’s private push is double-edged sword 10 Jul 2019 GBL, the holding company of Belgium’s Frere and Canada’s Desmarais families, may buy part of a 2.4 bln euro call-centre operator from KKR. CEO Ian Gallienne’s shift into unlisted assets could boost returns. But thin disclosure means his shares will suffer from a steeper discount.
Canopy ouster catapults cannabis into adolescence 3 Jul 2019 The biggest producer of legal weed has fired founder and co-CEO Bruce Linton amid widening losses and tensions with biggest investor Constellation Brands. Capital has rolled into cannabis based on little more than grand ideas. Fighting over how it’s spent is part of growing up.
Canada’s student flat deal hedges its UK bets 3 Jul 2019 The Canada Pension Plan Investment Board has sold university housing player Liberty Living to Unite Group for 1.4 billion pounds. The seller’s small premium is offset by the buyer’s synergies. CPPIB gets to cash out, but a 20% stake creates upside if student inflows endure.
Bombardier feeds Japanese jet dreams, not reality 26 Jun 2019 Mitsubishi Heavy is buying the Canadian company’s regional jet business for $550 mln. A support network and new customer ties will help get its troubled SpaceJet off the ground. But adding a struggling unit suggests executives have eyes on the sky, not the bottom line.
Exchange-traded funds will keep gold glittering 21 Jun 2019 The yellow metal’s price has broken $1,400 an ounce and touched highs last seen in 2013, thanks to scope for lower U.S. interest rates and Gulf tensions. Yet holdings in the largest gold-backed ETFs are only just joining the rally. That should mean bullion keeps its shine.
Thorny Acacia pricks Barrick boss’s Africa bubble 11 Jun 2019 The bullion miner’s minority shareholders look set to spurn a 226 mln pound bid from its Canadian parent, prolonging a tax row with Tanzania. That’s a blow for CEO Mark Bristow’s status as an African gold guru. His hardball tactics are also unlikely to impress other partners.
Canada is caught in America’s trade-war crossfire 5 Jun 2019 President Donald Trump’s threat to impose tariffs on Mexico puts at risk the new version of the three-way NAFTA trade deal. Canada’s arrest of Huawei’s CFO at America’s request upset China. And its uranium exports may now face levies, too. Ottawa can’t catch a break.
Canada adds startup-like optimism to tech turf war 22 May 2019 The country has simpler immigration, livable cities and lower valuations than its southern neighbor. Capitalizing on U.S. dysfunction in a bid to become a tech magnet is smart. But if Silicon Valley is any guide Prime Minister Justin Trudeau should be careful what he wishes for.
Weed giant chooses odd way to lay down U.S. roots 18 Apr 2019 Canopy Growth has struck an unusual deal to buy an American rival for $3.4 bln – if marijuana becomes legal there. It’s a clever way of getting into the world’s biggest market. The question is why the Canadian outfit would want a company happy to accept this lopsided arrangement.
Canadian raid may unlock value for G4S investors 11 Apr 2019 Garda World is considering a bid for the UK prisons manager. The 5 billion pound price tag, including debt, looks a stretch for the private Canadian group. But the sale of G4S’s cash management business might still give its long-suffering shareholders a get-out-of-jail-free card.
Canola exposes Beijing’s blunt diplomatic tools 4 Apr 2019 Officials are scrutinising Canadian exporters of the stuff on quality concerns. China’s status as a giant trader is one of its few real geopolitical levers. But using health and safety for political ends also hampers watchdogs doing much-needed work to improve standards at home.
Peltz is triple threat of cannabis endorsements 13 Mar 2019 Aurora Cannabis gets three things from hiring activist Nelson Peltz as an adviser: financial credibility, consumer expertise and contacts at companies like P&G. Other investors can ride on his coattails. The catch is that VIP patrons like Peltz get terms mere mortals can’t touch.
Barrick wisely decides harmony is golden 11 Mar 2019 The gold miner has struck a joint venture with Newmont, an $18 bln rival it earlier tried to acquire. Both sides should win. Newmont gets to pursue its own deal with Goldcorp. Barrick shareholders are spared the risk of an aggressive merger that left them with little to gain.
Viewsroom: Hostile gold diggers 7 Mar 2019 The three-way takeover fight involving Newmont, Barrick Gold and Goldcorp is full of aggression and big egos. Breakingviews columnists unpick the gold-mining M&A frenzy and debate whether cooler heads can prevail. Plus: China telecom giant Huawei has a public-relations challenge.