Category Archives: Top Stories

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Second opinions still the exception

Last fall’s Yukon court ruling on fairness opinions for M&A transactions created shockwaves. However, so far the impact on subsequent deals in the rest of Canada has been more subtle than severe
By Poonam Puri
With Patricia Olasker
May 18th, 2017

You’re in the middle of a significant M&A deal, negotiating with a buyer of your Canadian public company. And, just when you thought you had your banker’s success fees under control, out comes a Canadian court decision suggesting that you’d … Continue reading

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Growing like weed

It’s official: legalized recreational cannabis is coming to Canada. An already hot market for marijuana companies is set to explode—and a horde of start-ups now face the task of becoming grown-ups in a controversial industry on a short political leash
By Chris Sorensen
May 17th, 2017

New York hedge fund managers pride themselves on being able to spot big moneymaking opportunities long before anyone else. But somehow they failed to notice Bruce Linton when he travelled to Manhattan three years ago to drum up interest in … Continue reading

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In search of alignment

Good governance used to be about fixing companies and boards. Then came the rise of the shareholder. Now the ideal lies more in bringing the two sides together in a quest for long-term value. Part 1 of our Special Report on Governance
By Paul Brent
May 17th, 2017

As companies work through the last stages of the 2017 proxy season, it’s tempting to ask what’s changed or improved? A small number of proxy fights are generating headlines and attention as activists take aim at perceived underperformance, while other … Continue reading

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How to think like an activist

Board advisers are always telling directors to think like an activist to avoid getting blindsided. Here’s a primer on how to get that perspective—and a hypothetical list of seven companies that our screens suggest could be on activist hit lists today. Part 2 of our Special Report on Governance
By John Greenwood
May 17th, 2017

High atop a sleek downtown tower a small group of analysts is peering intently at an Excel spreadsheet. Thirtysomethings, all with dark shadows under their eyes and grey complexions, telltale signs of the 20-hour workdays demanded of staff at Activists … Continue reading

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IPO activity getting real in 2017—but will it last?

Optimism builds after a healthy array of initial public offerings from firms in tech, bioscience, energy and retail
By Listed Staff
May 17th, 2017

When you’re coming off the worst year in the last 19, it’s hard not to show some improvement. But will 2017 actually do one better and go down as a bumper year for initial public offerings in the Canadian markets? … Continue reading

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Parting company

Diamond mining has helped put Yellowknife on the world map. Now the largest of the local miners, Dominion Diamond, is moving its head office to Calgary. The move will save millions, but at the cost of a CEO
By Paul Brent
March 2nd, 2017

Usually, when a CEO steps down “for personal reasons,” markets think the worst and are quite often right to do so. The company has performed poorly, the chief executive has clashed with the board, or investors are clamouring for change. … Continue reading

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Bidding up change

Insider: Elena Mayer
March 2nd, 2017

Who Elena Mayer, president and CEO of Women Who Rock (WWR), a volunteer organization that facilitates mentoring and sponsorship opportunities to help women establish and advance careers in mining. Involvement Mayer, a lawyer and MBA whose day job is senior … Continue reading

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Cool, calm and calculated

In choosing David Garofalo as its new CEO last year, Goldcorp’s board decided its problems not only needed rapid change, but someone who could deliver it with discipline
By John Greenwood
March 2nd, 2017

David Garofalo isn’t the type to get easily excited. Just back from Davos, the annual schmooze-fest in the Alps for movers and shakers of the world, the chief executive of Vancouver-based Goldcorp Inc. (TSX:G) encountered a big change at the … Continue reading

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The great white hope

In 2015, it was a rare light in the darkness; last year, a market driver. Today, junior lithium mining is a frantic race for reserves, scale, output and orders to win a spot among the sector’s established producers
By Kerry Banks
March 2nd, 2017

Gambling in Nevada is typically conducted in Las Vegas or Reno, but there is now an entirely new type of gambling taking place in a bleak, sun-blasted valley located midway between these two cities. Here a cluster of sharp-eyed speculators, … Continue reading

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Not-so-innocent abroad

Like it or not, Canadian mining companies have a growing reputation in the developing world as bad actors who commit and condone environmental and human rights abuse. Would the appointment of an independent federal ombudsman help us clean up our act?
By Kerry Banks
March 2nd, 2017

It’s no secret to anyone managing or sitting on the board of a Canadian mining company: in recent years, a startling litany of accusations of human rights abuses, including such serious crimes as murder, rape, slave labour and environmental destruction, … Continue reading

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Did we say transparency? Never mind

Just as Canadian miners are reporting payments to governments for the first time under ESTMA, the new Republican administration has done a full 180. The U.S., once a disclosure leader, is now bucking the trend
By Diane Peters
March 2nd, 2017

Irony is great when it turns up in novels or movies. But when it surfaces where it doesn’t belong—in connection with legislation governing the business and reporting practices of international mining and resources companies, say—things can get awkward. Or worse. … Continue reading

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Deciding the Deal of the Year

Weighing the factors to determine which transaction gets the nod is in no way a popularity contest
December 19th, 2016

I’ll admit it. When it came time to making a final decision on Listed’s pick for the 2016 Deal of the Year, we knew it might draw some fire if the winner was a pipeline company and we splashed it … Continue reading

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Better a buyer than a builder be?

It’s the biggest foreign deal for a Canadian company ever. Yet at a time when new pipelines are an extremely tough sell, Enbridge’s $37-billion Spectra Energy buy stands tallest for solving that problem—and earns distinction as Listed’s 2016 Deal of the Year
By Robert Thompson
December 18th, 2016

Al Monaco had been planning something big for years. All the indicators were there. After all, Monaco, who became chief executive of energy giant Enbridge Inc. (TSX:ENB) in 2012, announced last year that his company was freeing up $30 billion … Continue reading

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Our Deal of the Year short list

Three deals came close before falling just short in our Deal of the Year judging. Here’s why they were worthy, but ultimately not chosen
December 18th, 2016

FIRST RUNNER-UP Alimentation Couche-Tard Inc. If Enbridge’s Spectra purchase wasn’t such a monster deal in a difficult sector, Alimentation Couche-Tard’s (TSX:ATD.B) $5.5-billion outlay for CST Brands Inc., a Texas-based gas station chain, had a good shot at being our pick … Continue reading

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A lower loonie still goes a long way

For the second straight year, outbound deals take top billing in our Special Report on M&A. But don’t be deceived: domestic action has been steady, too
By Jim Middlemiss
December 18th, 2016

While there are many ways to evaluate this year’s mergers and acquisitions activity as the calendar draws to a close, it’s hard not to declare 2016 as a year for building Canadian power abroad. The source of that pronouncement: outbound … Continue reading

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