05:15:37 EDT Fri 29 Mar 2024
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or Name
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CA



Fortis Inc
Symbol FTS
Shares Issued 284,469,632
Close 2016-09-19 C$ 41.82
Market Cap C$ 11,896,520,010
Recent Sedar Documents

Globe says CIBC, Fortis help undo "hollowing out" fears

2016-09-19 06:52 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce

The Globe and Mail reports in its Saturday edition that Canadian companies are bulking up to global scale through a spate of bold mergers and acquisitions. The Globe's Ian McGugan and Barrie Mckenna write that takeover frenzy is the opposite of what happened a decade ago, when Canada lost several head offices to international M&As. These included Dofasco, Inco, Falconbridge and Fairmont Hotels. This all fed the narrative that Corporate Canada was being "hollowed out" by foreign acquirers, putting at risk jobs, factories, head offices and national pride. In the spring of 2007, then-prime-minister Stephen Harper appointed a panel of corporate leaders, headed by former BCE chief executive officer Lynton Wilson, to look at ways of making Canada more competitive in a globalized economy. A year later, the panel published 65 recommendations. What is remarkable is the size of the current deals. Enbridge's $37-billion deal for Spectra Energy, CIBC's $4.9-billion takeover of PrivateBancorp and Fortis's $6.9-billion (U.S.) purchase of ITC Holdings, the largest independent pure-play electricity transmission company in the United States, are just some of the jumbo transactions that have gone down this year.

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