Duncan HoodFred Lum/The Globe and Mail
The end of an eventful week sees Fairfax make a $120-million move in India, TMAC boost its IPO, and lots of people question the sense of Potash's big play for Germany's K+S Industries. Have a great weekend.
DEAL OF THE DAY: Fairfax's Watsa to buy Indian logistics firm: sources
Fairfax India Holdings, a fund set up by Canadian investor Prem Watsa to target Indian assets, is set to take a majority stake in logistics firm National Collateral Management Services (NCMSL), two sources familiar with the matter said. One of the sources said the deal, for a 70 to 75 per cent stake in the commodities storage and services firm, could be worth $120-million to $150-million. Full story
MERGERS AND ACQUISITIONS
BluEarth Renewables gets ownership and management revamp
The ownership structure at one of Canada's fastest-growing renewable energy companies has been shaken up and top management shuffled. Calgary-based BluEarth Renewables Inc., which owns a portfolio of wind, solar and hydroelectric projects across the county, was jointly owned by the Ontario Teachers' Pension Plan and an arm of ARC Financial Corp., along with a stake held by management. Now, Teachers has bought out ARC, leaving control of the company in the hands of one of the country's biggest pension managers. Full story
OneAmerica To Acquire BMO's U.S. Retirement Services Business
OneAmerica and BMO Financial Group have reached an agreement for OneAmerica to acquire BMO's Milwaukee-based, U.S. retirement services business, BMO Retirement Services, a division of BMO Global Asset Management. Terms were not disclosed. Press release
Mexico's Alfa says offer for Pacific Rubiales is 'fair and final'
Mexico's industrial conglomerate Alfa said in a statement on Thursday the all-cash offer it and Harbour Energy have made to buy Canadian oil company Pacific Rubiales is "full, fair and final." The two companies are "disappointed" with a high-profile recommendation to reject the bid and they "do not intend to increase" their offered purchase price, Alfa said. Full story
Premier Diversified makes a bid for Russell Breweries
Vancouver holding company Premier Diversified Holdings Inc. announced a takeover bid Friday for up to 51 per cent of the outstanding common shares of Russell Breweries Inc., a Surrey, B.C., craft brewer that produces such brands as Blood Alley bitter, Wee Angry Scotch ale and IP'eh India pale ale. Premier is offering one common share of Premier for every 2.5 Russell Shares. Press release
Potash Corp.'s proposed K+S takeover would be no cake walk
Some merger ideas make sense to everyone. When Loblaw Cos. Ltd. announced its blockbuster acquisition of Shoppers Drug Mart two summers ago, the strategic rationale was crystal clear. But with Potash Corp. of Saskatchewan's proposed takeover of Germany's K+S Industries, which is expected to be worth $9.7-billion, there are already serious questions about it – and it's only day two. Full story
INITIAL PUBLIC OFFERINGS
Canada's TMAC Resources Boosts Target IPO Size to $135-million
The Wall Street Journal reports that due to strong investor demand, mining company TMAC Resources Inc. has raised the target size of its planned initial public offering by 29 per cent, to $135-million. Full story (subscription required)
PRIVATE EQUITY AND VENTURE CAPITAL
Peter Clark appointed president of GrowthWorks Atlantic
Halifax's GrowthWorks Atlantic Venture Fund Ltd. has appointed Peter Clark as president and CEO. Clark was previously vice-president of investments, and he replaces Tom Hayes, the founding president of the fund. Press release
ANALYSIS AND INSIGHT
PE Deal Activity Drops Despite Bubbly M&A Activity
As the first half comes to a close, mergers and acquisitions globally appear to be reaching full boil, while private equity activity remains at a simmer, according to data from Dealogic Ltd. Full blog post
Know of any upcoming deals we should cover? Have suggestions for making the Daily Deal Roundup more useful? E-mail me at deals@globeandmail.com. I'll respond personally to every e-mail.