CIBC ranks as top financial adviser on M&A

Thu Jan 5, 2012 9:18am EST
 
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TORONTO (Reuters) - CIBC (CM.TO: Quote) emerged as Canada's top financial adviser on mergers and acquisitions in 2011 after bringing its expertise to some of the biggest mining deals of the year, according to data released on Thursday.

CIBC World Markets, the capital markets arm of Canadian Imperial Bank of Commerce, advised on 38 deals worth $35.6 billion in the year, including serving as adviser to Equinox Minerals on its C$7.3 billion ($7.2 billion) sale to Barrick Gold (ABX.TO: Quote).

All told, CIBC took a 22.7 percent market share in Canada, a hub for resource-related mergers and acquisitions, the data from Thomson Reuters showed.

BMO Capital markets, the investment banking arm of the Bank of Montreal (BMO.TO: Quote), came in a close second, slipping from first place in 2010. Last year, it advised on 58 deals worth C$34.7 billion, garnering a 22.2 percent share.

Canada's two largest lenders, the Royal Bank of Canada (RY.TO: Quote) and Toronto Dominion Bank (TD.TO: Quote), came third and fourth, with 17.7 percent and 17 percent of the market respectively.

CIBC's first-place finish followed its sixth-place ranking in 2010, when it advised on 53 deals worth $28.5 billion. In 2010 it took a 15.8 percent share of Canadian dealmaking.

One of BMO's top deals of the year was the roughly C$3 billion takeover of Toronto-listed Quadra FNX Mining QUX.TO by Europe's No. 2 copper producer, KGHM KGHM.WA, announced in December.

The top-ranked legal advisers in Canadian dealmaking for the year were the law firms Blake Cassels & Graydon, Osler Hoskin & Harcourt LLP and Torys.

DEBT AND EQUITY   Continued...