companies are incorporated. With more than a 5% stake in Talisman, for example, Icahn should be able to call a shareholder meeting to elect directors, something that is much harder to do in the U.S. with such a percentage share holding. According to attorney Stephen Griggs , it is becoming common for Canadian corporate directors to need the majority support of shareholders and in Canada there are no staggered boards of directors that make directors tough to overthrow. But what will probably be music to the ears of a guy like Icahn is that Canadian securities regulators eventually often quash poison pills, the ubiquitous protection tool of American boards of directors. Icahn has ventured up to Canada in the past, but the country seems riper than ever for American activist investors. William Ackman recently shook up an iconic Canadian brand, Canadian Pacific Railway, and made a killing for his Pershing Square hedge fund revamping the company. Canadas Globe and Mail even named Ackman its CEO of the year . Other American activists, however, have had less luck and dont view Canada as a great place to practice their brand of investing. Barry Rosenstein had his Jana Partners hedge fund launch an activist proxy campaign against Canadian fertilizer maker Agrium that failed. Rosenstein later slammed what happened to him in Canada , alleging the company bribed shareholders using a tactic allowed in Canada that saw Agrium pay brokers 25 cents for a successful vote in the proxy contest. Theres a cost to what they did. Theres a cost to corporate governance in Canada. Will I think twice about going back to Canada?
Under that pact, BlackBerry ( BBRY:US ) has until Nov. 4 to consider other proposals while Fairfax and a group of investors conduct due diligence and line up financing. Toronto-based Fairfax hasnt named any partners in its bid. Fairfax Bid BlackBerry accepted a tentative offer from Fairfax after years of losing market share to rivals Apple Inc. and Samsung Electronics Co. The smartphone makers failure to capture consumer interest as Apple and Samsung broadened its array of smartphone apps and devices pushed BlackBerrys share of the global smartphone market down to 2.9 percent in June, according to research firm IDC. Leo de Bever, CEO of Alberta Investment Management, said Oct. 7 that all the usual suspects are speaking with Fairfax about investing in the Waterloo, Ontario-based company. Ontario Teachers Pension Plan, the countrys third-largest pension manager, held preliminary discussions with Fairfax about its bid for the company, two people familiar with the talks said last month. Fairfax CEO Prem Watsa said Sept. 23 that the consortium of interested parties had a strong Canadian component. The fund is the third-largest holder of the companys stock among Canadas pension managers after Ontario Teachers and Public Sector Pension Investment Board, according to data compiled by Bloomberg. Canada Pension, which manages the retirement savings for 18 million people in every province except for Quebec, would examine any investment based on the risk and return, rather than a sense of nationalism to keep BlackBerry in Canadian hands, Wiseman said.
Canada looks to S’pore as gateway to ASEAN
While Air Canada is boasting about improved service in other parts of the country, here, not so much. The most glaring cut is the direct flight to Londons Heathrow. I think its an absurd decision on behalf of Air Canada, said Edmonton Economic Development Corporation president and CEO Brad Ferguson. Edmonton and the capital region, were the youngest fastest growing jurisdiction in Canada. Our airport is one of the fastest growing in the country and we think Air Canada needs to be a part of that. This is a punitive decision on behalf of Air Canada. Obviously theyre looking to aggregate more out of Calgary and I think what theyre missing is weve got 1.2 million customers sitting here in Edmonton and the Capital region that now have zero direct flights to the United States or Europe through Air Canada, so Air Canada is now resorted to being a simple domestic carrier. Were going to need to pursue lots of options and idealy Air Canada will be a part of that. There are still direct US flights from Air Canadas code share partners like United. What we have right now, its not just about access, its about choice and Edmontonians and Canadians they need choice of where they fly to and how they get there and at what time. Were actively and agressively pursuing multiple flights Its all about us growing up as a city. This change of schedule comes on the heels of Edmonton International securing direct service through Iceland Air, which provides connecting service to several locations in Europe. The Edmonton to Heathrow route had moved from five days to three,and that inconsistency to Ferguson was also a problem. I used to be with Proctor and Gamble, I used to sell Crest as a living and Ill tell you, if your product is not on the shelf every day the consumer starts to buy Colgate instead. We have a very strong London flight, the flights are sold out, and the consumers are paying top dollar for those flights, its a profitable route and wed like to see a regular flight from Air Canada here. (sj)
Canada Pension Would Consider Joining Bid for BlackBerry (1)
This is according to Mr Ed Fast, Canadian Minister for International Trade and the Asia-Pacific Gateway, who described the region as an emerging dynamo at the inaugural Canada-ASEAN Business Forum in Singapore yesterday. This is a region with a young population, growing middle class and abundant natural resources an increasingly integrated area of the world thats attracting trade and investment from around the globe, said Mr Fast. And Singapore sits right in the middle of one of the most dynamic regional economies in the world, he added. It has clearly positioned itself as a gateway to ASEAN, and that will be the strength of its economy. Mr Fasts comments reflect a growing Canadian interest in South-east Asia in recent years. Efforts to step up regional engagement led to the adoption of the ASEAN-Canada Joint Declaration on Trade and Investment in 2011. Canada is also one of the 12 countries in talks for the Trans-Pacific Partnership agreement. Despite continued uncertainty in the global economy, total ASEAN-Canada trade rose 19.2 per cent from 2007 to C$15.8 billion (S$19 billion) last year, making ASEAN countries (as a group) Canadas seventh-largest trading partner. Between Canada and Singapore alone, bilateral trade grew 22.7 per cent to S$2.52 billion in the first eight months of this year, as reflected in the data by International Enterprise (IE) Singapore. As ties deepen, Mr Fast said he would like to see more Singapore firms investing in Canada. Canada is the world leader in producing potash, as well as diamonds and top-quality forestry products. So Singapore companies have a real opportunity to invest in our oil-and-gas industry, as well as our mining sector, he said. There are currently about 50 Singapore firms in Canada, in sectors such as hospitality, logistics and electronics, IE Singapore told TODAY. As a mature market, Canada also offers niche opportunities for Singapore companies with the right capabilities, such as in aerospace, biotechnology and clean technology.