Looking back on the global financial crisis, we often blame mortgage fraud, reckless bankers and lazy regulators for the ruin, omitting that we're partly to blame for believing empty promises of housing and stock market returns.
Let's be sure to remember that during the current merger boom, Tim Kiladze writes. Story
DAILY DEALS
Lazard acquires Canadian boutique investment bank Verus Partners
Investment bank Lazard Ltd. has been busy over the past year advising foreign businesses being acquired by Canadian companies. On Tuesday, the New York-based firm moved to capture outbound deals by acquiring advisory boutique Verus Partners, a Toronto-based firm run by M&A veterans. Story
Fairfax, CI Financial set to acquire Golf Town
Golf Town, Canada's largest golf retailer, is set to be sold as its struggling U.S. parent company files for bankruptcy protection on Wednesday.
Investment firms Fairfax Financial Holdings Ltd. and CI Financial Corp. plan to acquire the Canadian operations of Golfsmith International Holdings Inc., which consist of more than 50 stores across the country, the sources said. Both firms are current Golfsmith debt holders. Golfsmith also has more than 100 stores in the U.S.; it is not clear what will happen to this part of the business. It confirmed Wednesday that it has filed for protection in the U.S. and under the Companies' Creditors Arrangement Act in Canada with the aim to restructure and shrink its store network, particularly south of the border. Story
Bayer clinches Monsanto takeover
German drug and crop chemical maker Bayer clinched a $66-billion (U.S.) takeover of U.S. seeds company Monsanto on Wednesday, ending months of wrangling with a third sweetened offer that marks the largest all-cash deal on record.
The $128-a-share deal, up from Bayer's previous offer of $127.50 a share, has emerged as the signature deal in a consolidation race that has roiled the agribusiness sector in recent years, due to shifting weather patterns, intense competition in grain exports and a souring global farm economy. Story
ON THE MOVE
W. Galen Weston steps down as executive chairman of George Weston
W. Galen Weston is stepping down as executive chairman of George Weston Ltd., the country's largest food processing and distribution company, and will be succeeded by his son.
The elder Weston will become chairman emeritus of the company, while his 43-year-old son Galen G. Weston, becomes chairman.
The younger Weston will retain his responsibilities as executive chairman and president of Loblaw Cos. Ltd., Canada's largest grocer. Story
IN CASE YOU MISSED IT
Andrew Willis: Catalyst appeals decision in lawsuit against former analyst. Story
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