TORONTO • Gold mining stocks have been decimated in recent months, but Jamie Sokalsky does not think investors should expect any corresponding uptick in M&A activity.
Speaking at the Bloomberg Canada Economic Summit, the chief executive of Barrick Gold Corp. said there is a general “anti-M&A” mood in the gold space right now, and that investors don’t even ask him about it much anymore.
Mining M&A activity slowed dramatically in 2012, and no one should expect a blockbuster 2013 either.
According to a report from PricewaterhouseCoopers LLC (PwC), there were fewer mining deals announced in 2012 than in any year since 2005. The firm counted a total of 1,803 transactions worth US$110-billion. And if the giant merger between Glencore International PLC and Xstrata PLC is stripped out, the total deal value is a paltry $56-billion.
By comparison, there were 2,605 transactions worth US$149-billion in 2011, a near-record year.
Moments before the open, HLF stock, of the infamous Ackman-Icahn spat, was halted for trading with news pending. Rumors quickly spread that this was due to Icahn pushing to add insult to injury and either tendering for the company, or LBOing it outright. Then moments ago, NYT's DealBook reported that this is due to a KPMG resignation over an investigation, which immediately was assumed by the other camp to imply a fault with HLF's books.
Jeb Handwerger submits:The global debt crisis and the war on deflation by the Federal Reserve is causing more producers to find ways to invest their cash. This low interest rate environment which may continue for some time will force producers whom are sitting on large cash positions to acquire more reserves. Mergers and acquisitions in the mining sector have increased over this past year due to a lack of major discoveries as well as supply and demand changes in emerging economies.
The trend is definitely negative for the support enjoyed by directors at CIBC, the smallest of the country’s Big Five banks, which held its annual meeting in Ottawa on Thursday.
The trend is based on comparing the percentage of withheld votes at the 2013 annual meeting with the 2012 annual meeting: more shareholders are upset with the nominees and are showing it.
Founded with one car in Battersea in 1975, the father and son management team of John and Liam Griffin, have confirmed that they have sold a majority shareholding of the business today to the Carlyle Group.
It has been quite a rise to fortune for – often controversial – John Griffin who gave up training to be an accountant and took up mini-cabbing in order to make ends meet and rescue his father’s business.
Today, Addison Lee uses a cutting edge IT system to manage bookings for its 4500 cars after emerging as the major competitor to London’s black cabs.