Category Archives: Features

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Deal of the year: Europe bound

Canada’s largest convenience store empire, Alimentation Couche-Tard, just grabbed its first big foothold in Europe. The $2.9-billion deal wasn’t 2012’s largest, but it could be the one we’ll most want to watch
By Mark Anderson
December 18th, 2012

When it came time to select Listed magazine’s Deal of the Year, Quebec convenience store giant Alimentation Couche-Tard Inc.’s $2.9-billion acquisition of Norwegian gas bar operator Statoil Fuel and Retail ASA was a relatively easy choice. Sure, there’s been a … Continue reading

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M&A 2012: Nexen’s the one

China National Offshore Oil Co.’s takeover of Nexen has made the loudest 2012 M&A headlines. But it’s actually been a busy year for all sorts of companies and dealmakers
By Jim Middlemiss
December 15th, 2012

The 2012 mergers and acquisitions market is one that many in the listed community won’t soon forget. For much of the year, the markets have been on a roller-coaster, undulating between a fickle European debt crisis and concerns over slowing … Continue reading

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Everyone into the pool

Call it the .P boom. Even as the conventional IPO market languishes, the TSX Venture Exchange’s capital pool program is bringing a steady stream of companies to market
By Robert Thompson
September 24th, 2012

Ron Schmeichel shouldn’t have been restless, but he was. Though only in his 20s, and busy with the demands of law school at the University of Western Ontario, Schmeichel was already pondering ways of involving himself in Canada’s public markets. When … Continue reading

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The changing face of risk management

That suit at the last executive meeting throwing around terms like “impact pathways?” Meet your company’s CRO. As Canadian issuers wake up to the harsh realities of today’s commercial and regulatory workspace, a new breed of senior risk executive is emerging to steer them straight
By Mark Anderson
September 20th, 2012

Risk management, once the redheaded stepchild of corporate governance, is coming in from the cold—and coming with it is a newly empowered executive class of chief risk officers (CROs), vice-presidents of risk and other assorted risk-related personnel. Who better to … Continue reading

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Fishing with dynamite

Whom do CEOs and boards work for? Today’s answer is a given: the shareholder. Their purpose: to maximize shareholder value. Right? Wrong. Here, a leading U.S. lawyer and professor argues that shareholder value thinking is a myth that fuels short-term thinking and hurts companies, communities and investors
By Lynn Stout
September 19th, 2012

The Deepwater Horizon was an oil drilling rig, a massive floating structure that cost more than a third of a billion dollars to build and measured the length of a football field from bottom to top. On the night of … Continue reading

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What is this thing called liquidity?

Among issuers and in financial circles generally, few concepts are more cherished, more misunderstood or carry more urgency than liquidity. Should you seek it? Where is it? Does it exist? We went looking for answers—and found plenty
By Peter Shawn Taylor
June 18th, 2012

Love might make the world go ’round, if you happen to be a songwriter or a poet. But when it comes to the market, it’s all about liquidity. Just ask Max Lof, chief financial officer of Surge Energy Inc., a … Continue reading

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Reimagining insurance

No new CEO in insurance these days can preach “steady as she goes.” But at Sun Life, Dean Connor’s early moves and talk of bigger change could be a litmus test for the industry
By Robert Thompson
June 18th, 2012

Dean Connor leans forward in his chair at the boardroom table at Sun Life Financial Inc.’s downtown Toronto offices, and starts talking about history. Connor, who took on the role of Sun Life’s chief executive in December, may only be starting … Continue reading

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Change time is anytime

There’s only one Hunter Harrison. But the fight he’s led with activist Bill Ackman for Canadian Pacific Railway should have every director thinking about board renewal—and what happens when it slips
By Cooper Langford
March 16th, 2012

UP UNTIL THIS YEAR, E. Hunter Harrison’s reputation as a railway titan rested squarely on his tenure as CEO of Canadian National Railway Co. when, from 2003 to 2009, he built CN into a North American leader in efficiency and … Continue reading

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2011 Report on M&A: Welcome to Splitsville

M&A? For some, 2011 was the year of the breakup. Here’s how Toromont caught the wave
January 6th, 2012

Interview by Paul Brent What do Tyco, McGraw-Hill, Hewlett-Packard, Abbott Laboratories, Kraft Foods, ConocoPhillips and Sara Lee all have in common? In 2011, all of those giant U.S. corporations discussed or executed company-rending spinoffs, splits or demergers. All the action … Continue reading

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Who owns the strategy?

Is it the CEO? Or the board? The answer, says board consultant and author Beverly Behan, is the CEO. But woe the chief who thinks the board’s a rubber stamp. A better approach: engage directors early, and often
By Beverly Behan
January 3rd, 2012

MANY BOARDS consider the oversight of corporate strategy their most important governance responsibility. For the past two years, “strategic planning and oversight” has ranked first—by a wide margin—in national surveys of U.S. public company directors about their top priorities. Despite … Continue reading

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Top 10 Deals 2011; Top Banks, Law Firms

Top 10 M&A deals in 2011 by Canadian acquirers
January 3rd, 2012

Rank: 1 Target: Equinox Minerals Ltd. Buyer: Barrick Gold Corp. Value: $7.7 billion** Investment Banks: Barrick: RBC Capital Markets; Morgan Stanley Equinox: CIBC World Markets; Goldman Sachs; TD Securities Law Firms: Barrick: Clayton Utz; Mallesons Stephen Jaques (advising Morgan Stanley; … Continue reading

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2011 Report on M&A: Crisis? What crisis?

Final results are still coming in, but 2011 will surely go down as a strong year for M&A in Canada, despite a shaky global economy. Here’s Listed’s look at the top deals and dealmakers
By Paul Brent
December 29th, 2011

DESPITE SOVEREIGN DEBT and currency worries in Europe and about-even chances of a double-dip recession in the U.S., the market for mergers and acquisitions has been strong in Canada in 2011. Our status as an international M&A haven can be … Continue reading

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Deal of the year: Cash flow is colour-blind

After Barrick’s US$7.7-billion purchase of Equinox Minerals, 20% of the world’s largest gold miner’s revenue comes from copper. The CEO and chairman say that’s right where they should be
By Robert Thompson
December 28th, 2011

PETER MUNK’S YEARLY address to Barrick Gold Corp. shareholders at the company’s annual meeting always has the tone and atmosphere of a preacher speaking to his congregation. He leans on the podium, speaking slowly in unscripted passages, his glasses dipping … Continue reading

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Putting risk in its place

Escalating expectations, obligations and unwelcome surprises have directors losing sleep worrying about risk oversight. The solution lies in a mix of tried-and-true leadership and the latest knowledge and tools
By Cooper Langford
November 23rd, 2011

WHEN YOU’VE SPENT close to two decades as a CEO, held more than a dozen positions on high-level boards, and have board or executive experience in four distressed situations, you’ve earned the right to the first word on risk. “Risk … Continue reading

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But is it art?

Since 1998, Amazon.com has been trying to patent its one-click buying system in Canada: business methods rarely qualify. But now a pending federal Appeal Court decision could go its way. If it does, expect a flurry of new patent applications—and costly patent litigation—in its wake
By Robert Thompson
September 15th, 2011

On the surface, it looks decidedly simple, something so straightforward that you don’t give it a second thought. Even its name—“one-click”—suggests an easy-to-use approach. Say you decide to purchase something from Amazon.com or one of its various international sites, including … Continue reading

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