Tony: Let's talk about shareholder
activism, would it be fair to say that there has been an increase
in shareholder activism in Canada over the last few years?
Manny: Absolutely, it's completely
fair to say there has been an increase in the Canadian marketplace
in shareholder activism. Most recently we've seen
Pershing Square vis-a-vis Canadian Pacific, the Jana Group and
Agrium and the very violent battle between Mason and Telus and
that's just within the past few months, if I were to rewind a
few years you would see far more than that, that said the levels of
activity and activism are far below what you see across the border
in the United States, a fraction but rest assured it is a permanent
part of the landscape and it's here to stay.
Tony: And then why is this happening in
Manny: The reality is that as a matter of
corporate and securities law there are far less tools and tactics
available to boards to guard against activist tactics whereas the
playbook that's consistently used in the US has a lot of
traction in the Canadian market.
Tony: Manny we are about three quarters
of the way through 2012, we are heading into 2013, what would say
is the state of the merger and acquisition market in Canada right
Manny: If I had to pick one word I would
say it is â€Ülumpy' there are pockets of
activity where we are seeing a lot of activity and others where it
is quieter, that said the good news is there is no concentration of
activity in any particular area that's driving the business,
that's good because it means that there are sources and pockets
of activity from multiple areas.
So to give a few examples of our activity levels, certainly the
mining and resource area is still very, very busy both in terms of
midmarket M&A activity as well as joint venture activity and in
project development we've seen an incredible amount of activity
in real estate and in particular consolidation among the real
estate investment trusts which was driving the business in the
first quarter of the year in particular and we continue to
experience a lot of interest in consolidation in that sector.
Our energy and oil and gas sector is very-very active both in
terms of joint ventures and pipeline activity as well as in
consolidation and mergers and acquisitions and private equity and
sovereign wealth funds are also a meaningful source of activity,
there are a lot of discussions about how that money is going to get
deployed and a lot of interest by those areas.
We've certainly see a comeback of sorts in large cap
blockbuster M&A, this year alone we saw Viterra get acquired by
Glencore, we see Nexen which is the subject of a friendly
acquisition by CNOOC and there are some other examples. And
on a global scale certainly Glencore Xstrata is the ultimate in
terms of massive blockbuster mergers. So although I
wouldn't say that we have seen the activity levels in the
multibillion-dollar deal space that we saw at, you know in 2006 and
2007 where there are smart, sensible strategic stories that can be
told in acquisitions that make sense in that regard there is a
growth of M&A in that space of the market.
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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