Canadian Companies Shop for European Assets

Northern takeovers pick up as the U.S. and China pull back
Bank towers are reflected in a window at the financial district of Toronto, Ontario, Canada Photograph by Brent Lewin/Bloomberg

Canadian companies and pension funds are on a European acquisition binge, even as U.S. and Chinese buyers slash spending on takeovers there. Europe’s low valuations and the robust Canadian dollar are spurring deals by Canadian companies such as Brookfield Asset Management and Alimentation Couche-Tard. “Canadian companies are basically punching above their weight in the European market,” says Julian Brown, head of corporate finance for Canada at Pricewaterhouse-Coopers in Toronto.

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