The Globe and Mail reports in its Tuesday edition deals by foreign buyers announced in the first half of 2019 topped $39.3-billion, only slightly less than the $40.2-billion worth of deals in all of 2018, according to figures from Torys LLP.
The Globe's Jeffrey Jones writes that Cornell Wright, co-head of Torys's mergers and acquisitions practice, says it is shaping up to be a strong year, though it is too early to predict a record.
Mr. Wright says the first-half figures were skewed somewhat by one very large transaction: Denver-based Newmont Mining's $10-billion takeover of Vancouver's Goldcorp. That deal proceeded after Barrick Gold decided in March against a plan to acquire Newmont -- now called Newmont Goldcorp.
Mr. Wright says: "M&A is driven principally by confidence and confidence remains high. You've got a good macro environment, and you've got great targets and great opportunities in Canada." The highest dollar figure for inbound deals in this decade was $54.4-billion in 2012. American interest in Canadian targets is expected to remain strong, owing partly to favourable currency exchange rates.
Transactions of more than $1-billion have nearly reached the number that occurred in all of 2018.
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