Welcome to the Streetwise morning meeting, a compendium of news about deals and dealmakers to start the day.
Michael McCain breaks his silence
Maple Leaf Food's CEO sat down with The Globe and Mail to explain his strategy. "Look at the trends in food. [Food companies]are getting bigger not smaller," he said.
Tim Hortons: Higher dividend or share buyback?
Flush with $475-million in cash from selling its 50 per cent interest in Maidstone Bakeries, Tim Hortons is debating giving some of it to shareholders through dividends. It's not a bad idea, Globe columnist Fabrice Taylor says, but in the long run a share buy back may actually benefit them more.
Burst pipeline wreaks havoc for other firms
When Enbridge's Line 6B first ruptured, the environmental fallout was front and centre. Now that the spill is contained, the pain is felt all the way from Fort McMurray to Warren, Pa. because refineries that receive crude from the pipeline have been forced to slash their output.
Sometimes $20.8-billion just isn't enough
Agricultural Bank of China Ltd. exercised the over-allotment option on its $20.8-billion (U.S.) IPO Friday, bringing the total funds raised to $22.1-billion. That pushes the deal past Industrial and Commercial Bank of China Ltd.'s $21.9-billion blockbuster 2006 IPO, making it the world's biggest.
Praying to be cleared of charges
Two sons of 100 Huntley Street founder David Mainse have been named in an Ontario Securities Commission case involving a tangled $15-million (U.S.) Ponzi scheme. The OSC says the two men weren't the architects, but they scheme to their acquaintances. The Mainse brothers say they were duped in the alleged fraud.
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Tim Kiladze