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PRINT EDITION
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Globe Columnists
Sunday, May 28




  Andrew Willis
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Beware of booming market for cannabis companies space
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By ANDREW WILLIS
Saturday, May 27, 2017 – Page B2
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-- Remember when the last boom in junior mining stocks got frothy?Let me refresh your memory: Unproven companies attracted big valuations; insiders loaded up on stock for pennies a share ahead of deals; investment bankers took personal stakes in companies they advised.  FULL STORY arrow
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With CEO's departure, Manulife must go on offence space
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By ANDREW WILLIS
Friday, May 26, 2017 – Page B1
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-- This is not how Donald Guloien wanted to end his run at Manulife Financial Corp.Like any leader, the chief executive officer at Canada's largest insurer took the top job with a desire to move his company forward. And after eight years at the helm and 36 years at Manulife, Mr. Guloien has a growth strategy in place focused on expanding in China.  FULL STORY arrow
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New rules could add Shopify, Brookfield to Canadian index space
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By ANDREW WILLIS
Tuesday, May 23, 2017 – Page B1
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-- New rules are in the works for Canada's benchmark stock index that could benefit dozens of companies listed on domestic and U.S. exchanges and open the door to index membership for Shopify Inc. and Brookfield Infrastructure Partners LP.  FULL STORY arrow
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A new source for corporate cash: ATM space
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By ANDREW WILLIS
Tuesday, May 23, 2017 – Page B2
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-- Corporate Canada is embracing a new, low-cost approach to selling stock, borrowing from the playbook of U.S. companies that have raised more than $50-billion in the past five years.  FULL STORY arrow
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Bay Street takes new run at Hydro One offering space
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By TIM KILADZE, ANDREW WILLIS, JEFF LEWIS
Friday, May 19, 2017 – Page B1
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TORONTO, CALGARY -- Investment banks that underwrote Hydro One Ltd.'s $2.8-billion equity sale are taking a second stab at selling a large chunk of the shares after investors balked at the initial deal.  FULL STORY arrow
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PointNorth launches Liquor proxy war space
The activist fund, which is armed with a turnaround plan, looks to elect six directors to Liquor Stores N.A.'s eight-person board
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By ANDREW WILLIS
Tuesday, May 16, 2017 – Page B2
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-- Activist fund PointNorth Capital Inc. launched a proxy battle Monday at Liquor Stores N.A. Ltd. aimed at returning the 252outlet chain to its roots in Western Canada.PointNorth, a deep-pocketed private-equity firm founded by entrepreneur John Bitove, is waging a public campaign to put six directors on an eight-person Liquor Stores board at an annual meeting scheduled for June 20, after months of behind-closeddoors negotiations failed to reach an agreement.  FULL STORY arrow
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Liquor Stores, PointNorth ready for battle space
Activist investor aims to shake up the struggling spirit retailer's board with a proxy vote
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By ANDREW WILLIS
Monday, May 15, 2017 – Page B1
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-- The board of directors at Liquor Stores N.A. Ltd. is preparing for a showdown with activist investor PointNorth Capital Inc., in what is expected to determine control of North America's largest publicly traded booze retailer.  FULL STORY arrow
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HOME CAPITAL: A LENDER'S MELTDOWN space
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By JANET MCFARLAND, ANDREW WILLIS, NIALL MCGEE, DAVID PARKINSON, RITA TRICHUR, JACQUELINE NELSON, CHRISTINA PELLEGRINI, JAMES BRADSHAW
Saturday, May 13, 2017 – Page B6
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-- It was late in the evening on Sunday, April 30, when lawyers working for Home Capital Group Inc. dialled into a call with lawyers representing the company's new lending syndicate.  FULL STORY arrow
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The deal is done: now the hard part space
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By ANDREW WILLIS
Saturday, May 13, 2017 – Page B1
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-- There's an old line about the dog that catches the car.That's Canadian Imperial Bank of Commerce.The Toronto-based bank just sank its teeth into PrivateBancorp Inc., scoring a landmark victory Friday when shareholders in the U.S. bank voted in favour of CIBC's $4.9-billion (U.S.) takeover, an offer that was twice sweetened and very much in doubt until the final ballot was counted.  FULL STORY arrow
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MCAP to back Home Capital mortgages space
Independent mortgage-finance firm is behind deal to buy $1.5-billion of Home Capital's commitments to new mortgages
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By ANDREW WILLIS, NIALL MCGEE, JACQUELINE NELSON, CHRISTINA PELLEGRINI
Thursday, May 11, 2017 – Page B1
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-- After three weeks of playing defence, lender Home Capital Group Inc. is attempting to move forward by cutting a deal with rival MCAP Corp. that allows Home Capital to make new mortgages and roll over existing ones.  FULL STORY arrow
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Home Capital to get cash infusion by selling off mortgages space
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By NIALL MCGEE, ANDREW WILLIS
Wednesday, May 10, 2017 – Page A1
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-- $1.5 billion Home Capital is selling up to $1.5-billion of mortgages to a third partyTroubled lending firm Home Capital Group Inc. has announced plans to sell up to $1.5-billion worth of mortgages, a move that would give the company financial breathing room as it battles a funding crisis.  FULL STORY arrow
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Home Capital targets rebirth, not burial space
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By ANDREW WILLIS
Tuesday, May 9, 2017 – Page B1
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-- Mortgage lender Home Capital Group got something money can't buy on Monday: a much-needed dose of respectability.Three weeks into a crisis of confidence that some expected to kill the company - and potentially undermine parts of the housing market - a trio of proven executives committed their formidable reputations to Home Capital by joining the board.  FULL STORY arrow
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Blankfein talks frankly about Trump space
Goldman CEO offers deal-making advice to Canadian businesses during visit to Toronto last week
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By ANDREW WILLIS
Monday, May 8, 2017 – Page B1
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-- Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., has some simple advice for Prime Minister Justin Trudeau as he works to forge a relationship with maverick U.S.  FULL STORY arrow
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Credit Suisse lands banker tied to financial firms space
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By ANDREW WILLIS
Saturday, May 6, 2017 – Page B5
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-- Credit Suisse Securities (Canada) Inc. landed veteran investment banker Ram Amarnath from Morgan Stanley Canada Ltd. this week to anchor the global investment bank's coverage of industrial companies and financial players such as pension funds.  FULL STORY arrow
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Alignvest Management launches $250-million SPAC space
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By ANDREW WILLIS
Saturday, May 6, 2017 – Page B5
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-- The SPAC is back. Alignvest Management Corp., the Toronto-based operator of a special-purpose acquisition company, or SPAC, that successfully took over a private U.S. telecom company in 2016, launched a $250-million initial public offering recently for the next generation of SPAC.  FULL STORY arrow
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Callidus revises reporting after OSC review space
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By ANDREW WILLIS
Friday, May 5, 2017 – Page B3
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-- Lending firm Callidus Capital Corp. said on Thursday it is changing how it reports financial results in response to an Ontario Securities Commission review, as it fights allegations from a former employee that there have been ''multiple complaints'' about how it portrays its $1-billion loan portfolio.  FULL STORY arrow
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Home Capital postpones earnings results space
Mortgage lender moves ahead with plans to name new board members in hope of stemming bleeding, finding potential buyer
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By ANDREW WILLIS, JACQUELINE NELSON, JANET MCFARLAND
Wednesday, May 3, 2017 – Page A1
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-- Mortgage lender Home Capital Group Inc. delayed the release of financial results on Tuesday as the company recruits new board members in a bid to restore its credibility, stem the bleeding of deposits and find a potential buyer or investor.  FULL STORY arrow
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OSC nixed deal with Home Capital founder space
Sources claim former CEO offered to accept penalties to settle regulator's allegations but talks broke down, leading to current crisis
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By ANDREW WILLIS
Tuesday, May 2, 2017 – Page A1
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-- The founder of Home Capital Group Inc. attempted to reach a settlement with the Ontario Securities Commission over allegations the company violated securities laws, but the negotiations broke down and led to a formal case that has helped push the mortgage lender into financial trouble.  FULL STORY arrow
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Home Capital scrambles for buyer as deposits fall space
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By NIALL MCGEE, JANET MCFARLAND, ANDREW WILLIS
Saturday, April 29, 2017 – Page B1
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-- Home Capital Group Inc. was scrambling Friday to find a deal that would stabilize the company as investors continued to withdraw funds from their savings accounts.The Toronto-based company is pitching a variety of financial institutions on a rescue package, but investment banking sources said the best possible price may come from breaking up the company and selling portions of its mortgage portfolio to regional financial institutions.  FULL STORY arrow
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GAME ON space
Think Cineplex is all about movies? Think again. It's rapidly becoming a diversified entertainment company, and competitive gaming is the next stop
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By ANDREW WILLIS
Friday, April 28, 2017 – Page P44
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-- John Bruno can't remember the last time he took in a movie at a local theatre. It's been at least four years. Instead, like many others of his generation, the 18-year-old high school student from Cambridge, Ontario, spends most of his time playing video games.  FULL STORY arrow
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Signs of a housing storm as alternative lenders slide space
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By ANDREW WILLIS
Friday, April 28, 2017 – Page B1
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-- Canada's smaller financial institutions, including regional players such as Laurentian Bank and Canadian Western Bank that lend to higher-risk home buyers, were hit with a storm this week that came out of a clear blue sky.  FULL STORY arrow
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Kit and Ace closes international stores space
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By ANDREW WILLIS, MARINA STRAUSS
Thursday, April 27, 2017 – Page B5
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-- Clothing retailer Kit and Ace is closing stores in the United States, Australia and Britain as the chain, launched in 2014 by Lululemon Athletica Inc. founder Chip Wilson and his wife, shifts its focus to online sales and its nine Canadian outlets.  FULL STORY arrow
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A CRISIS OF CONFIDENCE space
Is this the pin that pops the housing bubble?
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By ANDREW WILLIS
Thursday, April 27, 2017 – Page B1
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-- Mortgage lender Home Capital Group Inc. has a financial problem that is really a crisis of confidence.Right now, this is a meltdown at a scandal-plagued company that just fired its CEO amidst a regulatory investigation. But in Canada's overheated residential real estate market, there are analysts predicting Home Capital's woes could be the pin that pops a housing bubble.  FULL STORY arrow
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Liberals use carrot and stick to launch infrastructure bank space
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By ANDREW WILLIS
Tuesday, April 25, 2017 – Page B2
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-- As the planned $35-billion Canada Infrastructure Bank gets closer to reality, the federal Liberals are taking a carrot-and-stick approach to winning support for the concept from provincial and municipal governments who control the country's key infrastructure projects.  FULL STORY arrow
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AGF at 60: Transformation is a work in progress space
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By ANDREW WILLIS
Tuesday, April 18, 2017 – Page B1
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-- Blake Goldring just has to look out the window to see the future of AGF Management Ltd.The chief executive's office in a downtown tower overlooks Billy Bishop Toronto City Airport, an infrastructure project AGF acquired two years ago as part of a strategy to diversify from roots in mutual funds.  FULL STORY arrow
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Montreal accounting firm works to help the rich stay that way space
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By ANDREW WILLIS
Monday, April 17, 2017 – Page B1
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-- To steal a phrase from F.Scott Fitzgerald, let me tell you about the very rich. They are different from you and me.They use fewer financial advisers.The majority of Canada's wealthy, folks with $1-million or more to invest, take a do-ityourself approach to their savings, according to the most recent annual survey from consulting firm Capgemini.  FULL STORY arrow
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Ottawa's courtship of pension plans is on the rocks space
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By ANDREW WILLIS
Saturday, April 15, 2017 – Page B1
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-- Prime Minister Justin Trudeau's first date with the country's pension plan CEOs went well. He snagged the hardest-to-book tables in town last November, at Toronto's swanky Shangri-La hotel, and said all the right things in pitching money managers on a $35-billion commitment to the planned infrastructure bank.  FULL STORY arrow
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Barclays extends Canadian coverage with new hire space
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By ANDREW WILLIS
Thursday, April 13, 2017 – Page B6
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-- Investment bank Barclays Capital Canada Inc. increased its coverage of Canada on Wednesday by landing veteran financier Erik Charbonneau from rival Credit Suisse AG.Mr. Charbonneau will fill a number of senior roles at Barclays, including a role previously staffed by bankers based in New York. He will join the firm, which has 75 employees in Canada, as head of equity capital markets (ECM), a role he held for the past 11 years at Credit Suisse. The job means Mr. Charbonneau is responsible for helping corporate clients raise money by selling stock. In the past, Barclays ran its Canadian ECM team from Manhattan. Adding an experienced Toronto-based executive is expected to win the investment bank a larger stake in Canadian equity offerings, as ECM is a corner of the market where strong relationships with both corporations and rival banks help to win roles in transactions.  FULL STORY arrow
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Sprott returns to roots, sells mutual-fund business space
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By ANDREW WILLIS
Tuesday, April 11, 2017 – Page B1
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-- Money manager Sprott Inc. is going back to its roots as an investor in gold, silver and mining plays by selling its $3-billion mutual-fund arm to its executives for $46-million.  FULL STORY arrow
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Deal maker to CEO: A tricky move space
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By ANDREW WILLIS
Saturday, April 8, 2017 – Page B1
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-- Early in Gord Nixon's run as CEO of Royal Bank of Canada, his former investment banking partners started quietly complaining the new boss had forgotten his roots, because he was directing the bank's considerable resources away from capital markets and into wealth management acquisitions.  FULL STORY arrow
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Goldman Sachs names M&A head for Canada space
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By ANDREW WILLIS
Thursday, April 6, 2017 – Page B2
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-- Investment bank Goldman Sachs and Co. signalled it expects the torrid pace of cross-border takeover activity to continue by naming a veteran deal maker to the newly created role of head of Canadian mergers and acquisitions.  FULL STORY arrow
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Li family buys Reliance Home in deal worth $2.8-billion space
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By ANDREW WILLIS
Saturday, April 1, 2017 – Page B1
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-- Victor Li, scion of one of Asia's wealthiest families, added to his clan's growing collection of Canadian companies Friday by acquiring Reliance Home Comfort from U.S. private-equity fund Alinda Capital Partners for $2.82-billion.  FULL STORY arrow
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Lululemon founder Wilson calls for new board, chief executive space
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By ANDREW WILLIS
Friday, March 31, 2017 – Page B2
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-- Yoga fans strive for a state called ''nirodha,'' where the mind is still and totally focused on a single goal. Lululemon Athletica Inc. founder Chip Wilson was approaching nirodha Thursday, totally focused on replacing the yoga-wear retailer's chief executive officer and board after the company warned Wednesday that this year's results will be below expectations, triggering a 23-per-cent stock-price decline.  FULL STORY arrow
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Bucking trend, Teachers makes active investing push space
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By ANDREW WILLIS
Thursday, March 30, 2017 – Page B1
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-- In an era when an increasing number of investors are embracing passive investments such as index funds, the Ontario Teachers' Pension Plan is putting its faith in its people by allocating more capital to active investment strategies.  FULL STORY arrow
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Budget miss: What Ottawa should have done space
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By ANDREW WILLIS
Saturday, March 25, 2017 – Page B1
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-- The highlight of this week's federal budget might have been Finance Minister Bill Morneau's choice of footwear. He stepped out in new Oxfords from trendy Edmonton-based designer Poppy Barley.  FULL STORY arrow
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Dominion Diamond in play following hostile bid space
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By ANDREW WILLIS
Tuesday, March 21, 2017 – Page B1
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-- Dominion Diamond Corp. is expected to attract interest from the world's largest diamond miners after being put in play Sunday by a $1.1-billion (U.S.) hostile takeover proposal from conglomerate The Washington Companies.  FULL STORY arrow
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The runway is clear, but will Ottawa go for an airport sale? space
Morneau and the Liberals have talked about new infrastructure. Institutional investors are ready to provide them billions, in return for a piece of the skies
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By ANDREW WILLIS
Monday, March 20, 2017 – Page B1
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-- The federal Liberals have a credibility problem when it comes to their promise to renew Canada's infrastructure: Much talk, no action.Finance Minister Bill Morneau has a chance to fix that perception and put as much as $16billion into government coffers in the budget he is scheduled to table on Wednesday, if he moves forward aggressively with the sale of the country's eight largest airports. The runway is clear. The government is sitting on a privatization plan filed last year by investment bank Credit Suisse. Pension plans and other deep-pocketed investors are lining up to buy these assets.  FULL STORY arrow
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Sprott case raises eyebrows over governance of dual-share firms space
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By ANDREW WILLIS
Saturday, March 18, 2017 – Page B4
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-- Money manager Sprott Inc. is attempting the corporate finance equivalent of a Hail Mary pass in its $3.1-billion (U.S.) hostile bid of rival Central Fund of Canada Ltd.  FULL STORY arrow
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Valeant shows the dangers of hedge-fund hotels space
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By ANDREW WILLIS
Wednesday, March 15, 2017 – Page B1
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-- Trading desks have a name for stocks like Valeant Pharmaceuticals International Inc.: They call them hedge-fund hotels. And to mangle a line from the Eagles, at a hedge-fund hotel, you can check out any time you like, but it sure hurts to leave.  FULL STORY arrow
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Will made-in-America approach to stock sales catch on in Canada? space
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By ANDREW WILLIS
Monday, March 13, 2017 – Page B4
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-- Investment bankers spiced up the finance menu last year by serving up a made-in-America dish for Canadian companies that want to raise money by selling stock.Two successful equity sales - one from Encana Corp. and the other from an investor in Canadian Pacific Railway Ltd. - were done using what's known as a ''block trade'' approach created by U.S. investment banks. In this type of offering, the fees banks receive depend on the final price the shares sell for.  FULL STORY arrow
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Lender of choice: TD builds its patch presence space
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By ANDREW WILLIS, CHRISTINA PELLEGRINI
Friday, March 10, 2017 – Page B1
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-- A generation ago, TorontoDominion Bank built a lucrative business as the lender of choice to North American telecom and cable companies.Now the bank, best known for its massive retail branch network, is winning a reputation in Calgary as the go-to lender for ambitious energy companies. TD Securities quarterbacked $9-billion of loans, along with JPMorgan Chase Bank and Bank of Nova Scotia, that allowed Canadian Natural Resources Ltd. to snag Shell Canada Ltd.'s oil sands assets on Thursday and strengthen a Canadian champion in the oil and gas sector.  FULL STORY arrow
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Sprott goes hostile in $3.1-billion bullion bid space
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By ANDREW WILLIS
Thursday, March 9, 2017 – Page B1
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-- Money manager Sprott Inc. launched a hostile $3.1-billion (U.S.) takeover offer Wednesday for Central Fund of Canada Ltd. (CFCL), the latest battle in Sprott's two-year campaign to unite rival gold and silver bullion funds.  FULL STORY arrow
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With markets strong, Onex eyes opportunities to cash out space
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By ANDREW WILLIS
Wednesday, March 8, 2017 – Page B1
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-- Private equity pioneer Onex Corp. is living the dream these days.After spending the better part of two years hunkered down through what company executives recently described as a ''sluggish'' period for initial public offerings, Onex and its private equity peers have experienced a sea change in market sentiment.  FULL STORY arrow
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Trump's Goldman pair can't pull off a miracle space
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By ANDREW WILLIS
Saturday, March 4, 2017 – Page B5
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-- In investment-banking circles, there's grudging respect for the folks at Goldman Sachs. Even arch-rivals acknowledge the Goldman team works hard, and admit Goldman nourishes an enviable partnership culture.  FULL STORY arrow
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Callidus hits back at former executive in legal dispute space
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By ANDREW WILLIS, CHRISTINA PELLEGRINI
Wednesday, March 1, 2017 – Page B1
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-- Callidus Capital Corp. is suing a former employee over allegations of misconduct related to loans to three companies that include claims of forged letters and artificially inflated financial results.Toronto-based Callidus lends money to companies that are unable to borrow from traditional lenders such as banks, and has approximately $1.2-billion outstanding on 28 loans. In early February, Craig Boyer, the company's former chief underwriter, sued Callidus in the Ontario Superior Court of Justice over vacation pay, health benefits and stock options that he said he is owed after being ''constructively terminated'' last August.  FULL STORY arrow
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Europe's richest seek a haven in Canadian office towers space
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By ANDREW WILLIS
Tuesday, February 21, 2017 – Page B1
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-- Europe's wealthiest families have discovered Canadian commercial real estate as a safehaven investment, snapping up landmark properties in Toronto, Vancouver and Montreal over the past year, in part because of concerns about the European Union's uncertain future.  FULL STORY arrow
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Why an old-school investment banker sees an explosion of 'north-south' deals space
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By ANDREW WILLIS
Tuesday, February 21, 2017 – Page B4
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-- A generation ago, investment bank Lazard began opening offices in China. The timing proved prescient: The 169-yearold firm arrived in cities such as Beijing ahead of a wave of transformative deals that turned Chinese companies into global players.  FULL STORY arrow
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TMX study looks at innovation funding woes space
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By ANDREW WILLIS
Tuesday, February 21, 2017 – Page B3
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-- Canadian growth companies face a $4-billion funding shortfall compared with U.S. rivals that should be filled by tapping the country's pension plans, banks and insurers, according to a study due to be released Tuesday and backed by TMX Group Ltd.  FULL STORY arrow
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Canada Goose spreads wings with IPO space
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By ANDREW WILLIS, CHRISTINA PELLEGRINI
Thursday, February 16, 2017 – Page B1
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-- Parka maker Canada Goose Holdings Inc. filed paperwork Wednesday for an expected $200-million (U.S.) initial public offering, the third debut in the past six months from a Canadian company that sells trendy consumer products.  FULL STORY arrow
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Canadian pipelines exploit lazy balance sheets at U.S. rivals space
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By ANDREW WILLIS
Tuesday, February 14, 2017 – Page B2
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-- CEOs at Canada's largest utilities would be reluctant to admit it publicly, but for the past year, they've taken advantage of what they privately like to call ''lazy'' balance sheets at their U.S. rivals to stage a series of bold takeovers.  FULL STORY arrow
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Commercial property deals soar space
Foreign buyers flock to Canada, pushing investment to a record $34.7-billion
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By JACQUELINE NELSON, ANDREW WILLIS
Monday, February 13, 2017 – Page B1
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-- Canadian commercial property deals soared to new heights in 2016 as a surge of foreign buyers aggressively bought up office, shopping and hotel properties across the country. It's a trend that's expected to continue this year as real estate investors look for safe havens.  FULL STORY arrow
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Pengrowth looks to SPAC cash for oil and gas assets space
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By ANDREW WILLIS, NIALL MCGEE
Friday, February 10, 2017 – Page B1
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-- Debt-heavy Pengrowth Energy Corp. is in talks to sell approximately $500-million in Alberta oil and gas assets to Infor Acquisition Corp., the latest sign of financial companies stepping up for energy assets, according to people familiar with the matter.  FULL STORY arrow
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Sunshine tries to hit pay dirt in dreary mining IPO market space
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By ANDREW WILLIS
Monday, February 6, 2017 – Page B1
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-- What's old is new again in mining, as a silver producer prepares to take a second stab at an initial public offering.Sunshine Silver Mining and Refining Corp. is auditioning investment banks for starring roles in an IPO on the Toronto Stock Exchange, according to sources pitching the company.  FULL STORY arrow
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HBC eyes global shopping spree space
Iconic Canadian retailer in talks with Macy's, has also looked at other acquisition targets
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By MARINA STRAUSS, ANDREW WILLIS
Saturday, February 4, 2017 – Page B1
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-- Hudson's Bay Co. has approached U.S. rival Macy's Inc. about a potential takeover and the Toronto-based retailer has also looked at other departmentstore companies around the world, industry sources say.  FULL STORY arrow
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Corporate Canada's international dealing leaves law firms behind space
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By ANDREW WILLIS
Saturday, February 4, 2017 – Page B4
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-- The largest takeovers Corporate Canada has seen are playing out now with minimal input from Canadian lawyers. It's a trend that's sending a chill through the biggest law firms, as lawyers struggle with a challenge that threatens their existence: How to stay relevant to clients with international ambitions.  FULL STORY arrow
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Kew Media to acquire $104.1-million portfolio space
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By JACQUELINE NELSON, ANDREW WILLIS
Friday, February 3, 2017 – Page B2
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-- Kew Media Group Inc. is set to acquire a broad portfolio of 10 companies that own, produce and distribute film, television and other programming for $104.1million.From the Netflix documentary series Cooked, to lifestyle shows such as Dance Moms and Hockey Wives and a host of well-known documentaries, Kew is poised to buy companies that control 6,000 hours of media content sold in more than 150 countries.  FULL STORY arrow
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Slate launches opportunistic fund space
The new private fund's first acquisition is a $200-million portfolio of office buildings in Calgary
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By ANDREW WILLIS
Friday, February 3, 2017 – Page B3
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-- Slate Asset Management is launching a real estate fund that will invest in commercial properties that need a little tender loving care to regain their lustre.The new private fund is called the Slate Canadian Real Estate Opportunities fund, according to sources close to the company, and its first acquisition is a $200-million portfolio of 12 office buildings in Calgary from Dream Office REIT. Toronto-based Dream disclosed the sale last week, but did not reveal the buyer.  FULL STORY arrow
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Has Vision spotted the next REIT takeover? space
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By ANDREW WILLIS
Thursday, February 2, 2017 – Page B1
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-- When Milestone Apartments REIT units soared on news of a $1.3-billion (U.S.) takeover bid from private-equity fund Starwood Capital last month, investors began searching for the next potential acquisition target in the real estate sector.  FULL STORY arrow
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ALL THAT GLITTERS ... space
The Bre-X mining scandal rocked Canada and the world in the 1990s. Twenty years later, how did the event become just another shiny, empty Hollywood thriller?
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By ANDREW WILLIS
Friday, January 27, 2017 – Page R1
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-- When the Bre-X scandal broke in 1997 and a massive gold find was revealed as a more massive fraud, mining executives predicted the true-life tale would be made into a movie, then joked about which actor should portray them on the big screen.  FULL STORY arrow
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Firms invest in AI to get ahead of the curb on smart cars space
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By ANDREW WILLIS
Thursday, January 26, 2017 – Page B2
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-- Magna International Inc. chief executive officer Don Walker has a colourful description of what artificial intelligence (AI) is going to mean to the auto industry.A car with a human at the wheel swerves to avoid a ball that rolls across the road, and an experienced driver knows to watch for a child chasing the ball, Mr. Walker told a conference Wednesday. Upgrade that car with AI, and it will automatically avoid the ball, and know to check for a child, by using its own sensors and by networking with AI systems in nearby cars that may have a better view.  FULL STORY arrow
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Dream REIT sells Alberta buildings for $200-million space
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By ANDREW WILLIS
Wednesday, January 25, 2017 – Page B1
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-- Dream Office REIT began to exit the Calgary and Edmonton real estate markets Tuesday, announcing the company has agreed to sell 12 office buildings in Alberta for approximately $200-million.  FULL STORY arrow
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Dream REIT in talks to sell Alberta office buildings space
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By ANDREW WILLIS
Tuesday, January 24, 2017 – Page B1
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-- Two major real estate investors are working on an $800-millionplus deal that speaks to very different views of the Alberta real estate market. Dream Office REIT is close to selling its portfolio of 45 Calgary and Edmonton office buildings to Slate Asset Management, according to people familiar with the talks.  FULL STORY arrow
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Private equity cool on Performance Sports Group space
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By CHRISTINA PELLEGRINI, ANDREW WILLIS
Tuesday, January 24, 2017 – Page B1
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-- Potential private equity buyers appear to be steering clear of hockey and baseball equipment maker Performance Sports Group Ltd., clearing the field for a $575-million (U.S.) bid for the company from Sagard Capital Partners LP and Fairfax Financial Holdings Ltd.  FULL STORY arrow
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The CEO Torstar needs won't want the job space
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By ANDREW WILLIS
Saturday, January 21, 2017 – Page B13
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-- Next week, Torstar Corp. will interview candidates to be the next CEO of the 125-year-old media company. There may be no tougher job in corporate Canada.The role requires a transformational leader with the vision and skills to turn a newspaper chain with rapidly-falling revenues into a cutting-edge digital publisher.  FULL STORY arrow
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Former CP chief takes one more railway ride space
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By ANDREW WILLIS
Friday, January 20, 2017 – Page B1
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-- Who walks away from $118million?The answer, obviously, is former Canadian Pacific Railway CEO Hunter Harrison, who just gave up a generous retirement package, at the age of 72, to team up once again with fund manager Paul Hilal and attempt to turn around a rival railway, CSX Corp.  FULL STORY arrow
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Waterous leaves Scotiabank to launch private-equity fund in energy space
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By ANDREW WILLIS
Saturday, January 14, 2017 – Page B3
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-- Over the past few years, energy company executives have been telling Adam Waterous that despite the negative headlines, there has never been a better time to be exploring for oil and gas.  FULL STORY arrow
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Trump Toronto hotel put on block space
Financially troubled building hits market as hospitality properties become a hot commodity in Canada
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By ANDREW WILLIS
Thursday, January 12, 2017 – Page B1
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-- Trump International Hotel and Tower Toronto is looking for a new owner, with creditors hoping that strong investor interest in Canadian hospitality properties can rescue a development that proved to be a money pit for its original backers.  FULL STORY arrow
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Cineplex goes big with Call of Duty contest space
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By ANDREW WILLIS
Wednesday, January 11, 2017 – Page B2
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-- All those hours spent playing video games may not be wasted time.In the latest sign that e-sports is becoming a big-money enterprise in Canada, Cineplex Inc. announced a tournament Tuesday that will see teams shoot it out in the video game Call of Duty for $65,000 in cash and prizes and, for the first time, the opportunity to move on to a major U.S. competition.  FULL STORY arrow
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Goldman's new Canadian CEO prepares his pitch space
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By ANDREW WILLIS, CHRISTINA PELLEGRINI
Tuesday, January 10, 2017 – Page B1
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-- Newly arrived Goldman Sachs Canada Inc. CEO Jason Rowe knows that in the highly competitive investment-banking sector, he needs to differentiate his firm from rivals. And he's got a pitch ready to go.  FULL STORY arrow
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A Canadian firm's strategy for deals finds new roadblocks space
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By ANDREW WILLIS
Monday, January 9, 2017 – Page B1
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-- Over two decades, Constellation Software Inc. used a steady diet of acquisitions to become one of Canada's largest tech companies, gobbling up more than 250 smaller rivals to build a $12-billion business.  FULL STORY arrow
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Gibson propane sale attracts PE funds, strategic buyers space
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By ANDREW WILLIS
Thursday, January 5, 2017 – Page B5
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-- Five private-equity funds are slugging it out with two of the country's biggest propane suppliers in the $400-millionplus auction of Gibson Energy Inc.'s propane business, the latest example of institutional investors' love affair with all things infrastructure.  FULL STORY arrow
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Students write theses in stock picking space
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By ANDREW WILLIS
Tuesday, January 3, 2017 – Page B1
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-- Last year, McGill University finance student Charles Feng's big investment idea was buying stock in Tesla Motors Inc.This year, he is searching for better investments, as the stakes are far higher, and a strategy that worked in the past may not pay dividends going forward: Tesla shares were down 11 per cent in 2016.  FULL STORY arrow
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Acasta deal raises the question: Are SPACs useful? space
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By ANDREW WILLIS
Friday, December 23, 2016 – Page B1
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-- When Tony Melman and Belinda Stronach launched a special purpose acquisition corporation, or SPAC, called Acasta Enterprises, the pair recruited a lineup of Bay Street all-stars as directors and advisers.  FULL STORY arrow
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Ottawa builds a bridge for infrastructure investment space
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By ANDREW WILLIS
Thursday, December 22, 2016 – Page B1
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-- At first glance, Bay Street and the federal Liberals seem miles apart when it comes to infrastructure. The finance crowd sees investors lining up to put private money into public projects. BMO Nesbitt Burns, a market leader in the infrastructure bond market, confidently predicts the coming year will see private investors commit a record $8.7-billion of debt financing to Canadian projects, up from approximately $7-billion in both 2016 and 2015.  FULL STORY arrow
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Independent dealers get a buzz off pot producers space
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By ANDREW WILLIS
Saturday, December 17, 2016 – Page B2
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-- When marijuana is being passed around and someone holds the spliff a little too long, that's called bogarting the joint.Right now, a handful of Canada's independent investment banks are bogarting the legal and lucrative medical marijuana market, raising more than $230-million to fund fledgling companies in the past two years. These dealers in dope stocks have created firms expected to be valued at $5-billion or more by the time lighting a joint is totally legal.  FULL STORY arrow
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Pipelines pump good politics out of bad policy space
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By ANDREW WILLIS
Wednesday, December 14, 2016 – Page B4
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-- Kinder Morgan's planned Trans Mountain pipeline - three years away from carrying oil - pumped out a public relations win for the federal Liberals, as newly released polls show the government got positive reviews for approving the project, even as Ottawa scrambles to take some of the politics out of energy policy.  FULL STORY arrow
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Canada's big banks rush to borrow ahead of rising rates space
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By ANDREW WILLIS
Monday, December 12, 2016 – Page B3
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-- The Bank of Canada may be holding off on interest-rate hikes, but the country's largest financial institutions are signalling they expect the cost of borrowing to rise in the not-too-distant future by staging a series of massive bond sales in recent weeks.  FULL STORY arrow
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Will CIBC try to save its U.S. deal? There's a clue in the fine print space
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By ANDREW WILLIS
Saturday, December 10, 2016 – Page B1
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-- Like all of CIBC's 44,000 employees, chief executive officer Victor Dodig faces a yearend performance review that determines his take-home pay.There may be a few more zeros in the CEO's paycheque - he made $8.1-million last year - but the boss has the same conversation as other staff about whether the bank achieved its targets.  FULL STORY arrow
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CIBC expected to raise bid for PrivateBancorp space
Shareholder vote postponed amid calls for sweeter offer: 'How much more remains an open question'
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By CHRISTINA PELLEGRINI, JACQUELINE NELSON, ANDREW WILLIS
Friday, December 9, 2016 – Page B1
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-- Canadian Imperial Bank of Commerce is widely expected to raise its $3.8-billion (U.S.) bid for a U.S. bank, and the question now is whether CIBC can close the ground-breaking deal without overpaying.  FULL STORY arrow
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Stirring ghosts of bonus past won't help bankers this holiday space
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By ANDREW WILLIS
Wednesday, December 7, 2016 – Page B1
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-- I pity the investment banker who decides to throw a hissy fit over this year's bonus payment.Canada's six bank-owned dealers just turned in stellar results, collectively posting profits of $7.8-billion for fiscal 2016, a 5-per-cent increase over the previous year, on the back of strong takeover activity and a surge in equity financings from utilities and energy companies.  FULL STORY arrow
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Enron files for bankruptcy protection space
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By ANDREW WILLIS
Friday, December 2, 2016 – Page A2
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Family business: Do governance scores paint the full picture? space
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By ANDREW WILLIS
Monday, November 28, 2016 – Page B1
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-- When The Globe and Mail first began scoring governance in Corporate Canada 15 years ago, some of the country's most respected business families freaked out.Ted Rogers, late founder of Rogers Communications Inc., argued wife and fellow board member Loretta was as independent a thinker as you will ever meet, so the company should not lose points by having Mrs. Rogers counted as a related party director.  FULL STORY arrow
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Sprott shows why a golden deal may be better than a pile of cash space
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By ANDREW WILLIS
Saturday, November 26, 2016 – Page B12
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-- In recent weeks, the bright lights in mining and finance circles have been asking what on earth Eric Sprott is up to.Mr. Sprott's stock-picking prowess has made him an occasional billionaire - the 72-yearold money manager has a chunk of his fortune tied up in gold companies, which means he is well-to-do all the time and vaults into the ranks of the unimaginably wealthy when bullion prices soar.  FULL STORY arrow
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Rising number of well closings to weigh on oil sector space
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By ANDREW WILLIS
Monday, November 21, 2016 – Page B1
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-- Canada's oil patch is in for another shock, as energy companies are expected to abandon a record number of aging oil and gas wells over the next year, a move that will weigh heavily on businesses with older oil and gas fields.  FULL STORY arrow
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RBC chief strategist Jamie Anderson to retire early next year space
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By ANDREW WILLIS
Friday, November 18, 2016 – Page B2
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-- Royal Bank of Canada head of corporate strategy and development Jamie Anderson will retire from the bank early in the new year, and the veteran deal maker's replacement signals that RBC plans to continue expanding in the U.S. market.  FULL STORY arrow
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Ottawa to review sale of ports space
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By ANDREW WILLIS, JACQUELINE NELSON
Wednesday, November 16, 2016 – Page B1
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-- The federal Liberals are paving the way for the potential sale of government-owned shipping hubs, part of a larger strategy to encourage private-sector investment in infrastructure.Ottawa announced late on Monday that it had hired investment bank Morgan Stanley Canada Ltd. to review ownership options for 18 Canadian ports.  FULL STORY arrow
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BMO teams with Vice Media to win millennial wallets space
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By ANDREW WILLIS
Monday, November 14, 2016 – Page B2
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-- The battle to sell young Canadians on a bank is creating corporate odd couples, as edgy Vice Media teams up with venerable Bank of Montreal to launch Vice Money, a digital platform that debuts Monday and strives to win the hearts and wallets of the millennial audience.  FULL STORY arrow
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Richardson to stay the course space
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By ANDREW WILLIS
Saturday, November 12, 2016 – Page B1
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-- One of Canada's wealthiest families and a leading investment bank showed their faith in the wealth management industry Thursday, as the owners of Richardson GMP Ltd. opted to turn down a $600-million payday and aggressively build up the country's largest independent brokerage firm. Winnipeg's Richardson clan and GMP Capital Inc. co-own Richardson GMP with the firm's 900 employees and have been debating the firm's future for several months. Years ago, the owners struck a deal that allows each to sell their stakes after Nov. 15, 2016.  FULL STORY arrow
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Acasta takes flight with a trio of deals space
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By ANDREW WILLIS
Friday, November 11, 2016 – Page B1
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-- Newly hatched Acasta Enterprises Inc. took flight Thursday by announcing plans to take over three private companies simultaneously in a $1.2-billion round of deals that draw on blue-chip board connections.  FULL STORY arrow
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A long night on Bay Street space
Experts and executives across the country were kept on the edge of their seats as results overturned even their best market predictions
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By ANDREW WILLIS, JACQUELINE NELSON, TIM KILADZE, NIALL MCGEE, CHRISTINA PELLEGRINI
Thursday, November 10, 2016 – Page B10
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-- The 2016 American presidential election campaign featured non-stop drama, climaxing in Donald Trump's upset win over Democratic nominee Hillary Clinton and a sharp sell-off in markets on news of the Republican's victory. Here are first-person accounts of what Bay Street executives experienced over the course of an eventful election night and the following morning.  FULL STORY arrow
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Stock markets slide amid U.S. election uncertainty space
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By ANDREW WILLIS, JACQUELINE NELSON
Wednesday, November 9, 2016 – Page A15
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-- Global markets gyrated sharply Tuesday night, underscoring the tight race to the finish of the U.S. presidential election.The Canadian dollar was off by about a half a cent as an apparent early lead by Democratic candidate Hillary Clinton gave way to gains by Republican challenger Donald Trump in several key states. Asian stock markets sold off heavily amid the uncertainty, while U.S. stock futures indexes plunged through the evening and crude oil extended its recent slide, falling more than $1 a barrel to about $43.50 (U.S.) as investors moved cautiously while votes were tallied.  FULL STORY arrow
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The Giustra, Magna, Lundin, Clinton TD Bank, McKenna, Barrick, Connection Cooper, CIBC space
How Bill and Hillary raised and earned millions from Canada's corporate elite
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By KAREN HOWLETT, JEFFREY JONES, ANDREW WILLIS
Saturday, November 5, 2016 – Page B1
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-- It was the plane ride that launched a thousand good deeds, and one lingering controversy.One day in June, 2005, Bill Clinton clambered aboard the private jet of Frank Giustra, the Vancouver mining financier. Mr. Clinton needed to get to Mexico City to begin a speaking tour of Latin America and oversee the work of his sprawling charitable enterprise. The two men didn't know each other well. But Mr. Giustra happened to have a luxury MD-87 aircraft to get him there. And he was curious about the former U.S. president and his philanthropic work.  FULL STORY arrow
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Trilogy to come to Canada in Alignvest deal space
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By ANDREW WILLIS
Thursday, November 3, 2016 – Page B7
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-- Telecom company Trilogy International Partners LLC, which runs wireless networks in New Zealand and Bolivia, plans to go public in Canada by agreeing to a takeover offer from Torontobased Alignvest Acquisition Corp.  FULL STORY arrow
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Firms rushing to the fast lane that is artificial intelligence space
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By ANDREW WILLIS
Friday, October 28, 2016 – Page B2
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-- To understand how fast business is moving in adopting artificial intelligence, consider how much the past eight months have changed the life of former Google executive Lior Ron, the star attraction at a conference hosted by the University of Toronto's Rotman School of Management.  FULL STORY arrow
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With growing pains out of the way, TD's Scottrade deal is low risk space
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By ANDREW WILLIS
Tuesday, October 25, 2016 – Page B1
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-- Outside work, TD Ameritrade Holding Corp. CEO Tim Hockey is known as a formidable longdistance cyclist.The same qualities that allow the discount brokerage boss to set a blistering pace on 100-kilometre-plus rides - perseverance, commitment, focus - should give investors comfort as TD Ameritrade and its biggest shareholder, Toronto-Dominion Bank, roll out a $4-billion (U.S.) takeover bid of U.S. discount broker and retail banker Scottrade Financial Services Inc.  FULL STORY arrow
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Cargill enters bidding for U.S. Steel Canada space
Joint bid with Essar will be challenged to outdo Bedrock Industries offer
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By GREG KEENAN, ANDREW WILLIS
Friday, October 21, 2016 – Page B1
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-- The former parent company of Essar Steel Algoma Inc. is teaming up with agriculture and industrial giant Cargill Inc. to renew its bid to buy U.S. Steel Canada Inc., sources familiar with the companies' plans say.  FULL STORY arrow
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TD doubles up in bid for Scottrade space
Toronto-Dominion Bank, TD Ameritrade make joint offer for U.S.-based discount broker
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By ANDREW WILLIS, RITA TRICHUR
Thursday, October 20, 2016 – Page B1
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-- Discount broker TD Ameritrade Inc. has teamed up with major shareholder Toronto-Dominion Bank to make a joint bid for a coveted rival, Scottrade Financial Services Inc., which is exploring a sale that's expected to fetch $4-billion (U.S.).  FULL STORY arrow
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Tips for the next guy: How to be a Rogers CEO space
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By ANDREW WILLIS
Wednesday, October 19, 2016 – Page B1
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-- Dear Joe Natale, As someone who welcomes the ''To Do' list of household tasks my wife occasionally leaves on the kitchen table, I appreciate how helpful it is to be given a road-map to happiness.  FULL STORY arrow
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Mid-sized oil firms ponder sales, IPOs space
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By ANDREW WILLIS, TIM KILADZE, JEFF LEWIS
Monday, October 17, 2016 – Page B1
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-- A growing list of Canadian energy companies owned by private equity funds are considering going public in coming months on the back of rising energy prices and surging investor interest in oil and gas stocks.  FULL STORY arrow
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Head of TD investment banking to exit space
Pat Meneley will leave at the end of the year and a new senior management team will take the reins
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By ANDREW WILLIS
Wednesday, October 12, 2016 – Page B3
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-- Succession is playing out at the investment dealer arm of Toronto-Dominion Bank, with longtime head of investment banking Pat Meneley announcing plans Tuesday to leave at the end of the year and a new senior management team taking the reins.  FULL STORY arrow
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Complete Index of Today's Print Headlines
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