Canadian Western Bank to buy commercial leasing firm
Canadian Western Bank (TSX:CWB) said Wednesday it has signed a deal to acquire National Leasing Group Inc., a privately held commercial leasing company, that valued the company at $130 million. Under the deal, current shareholders of National Leasing may retain up to a 25 per cent participating interest in the company. The acquisition will be funded with a minimum $48.75 million of cash and a maximum $48.75 million in Canadian Western Bank shares, based on a price of $22.42 per share. The specific percentage of the participating retained interest will be finalized at closing and will be represented by the vendors holding preferred shares of National Leasing.
National Leasing specializes in commercial equipment leasing with a portfolio including over 58,000 lease agreements with a book value of over $650 million.
Senate votes down amendments to consumer protection bill
A series of proposed business-friendly amendments to a consumer protection bill have been rejected in the Senate, meaning the government legislation will come into force as written. Bill C-6 gives federal inspectors new powers to search for, seize and recall dangerous consumer products ranging from toys to baby cribs and food items.
While the Conservative legislation received all-party support in the House of Commons, a Liberal-dominated Senate committee proposed changes last week that Health Minister Leona Aglukkaq said would have weakened the new law. Although Liberal appointees have the majority in the Senate, the amendments were defeated 44-42 when it came to a full vote. The original bill is now poised to pass third and final reading in the Senate.
