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Canadian Imperial Bank of Commerce (CIBC) and Edmond de Rothschild Group of Paris, France, are joining up to capitalize on the global mergers and acquisitions business. According to director of mergers and acquisitions for Rothschild Didier Izabel, the bank aims to cultivate the flow of transactions between Europe and North America through its deal with CIBC, which is the top industry player in Canada. CIBC World Markets spokesperson Katherine Gay stated that CIBC's deal with Rothschild fulfills its ultimate effort toward increasing its potential in Europe.

Oxford Properties Group Inc. has acquired GE Capital International Holdings Corp.'s 50% stake in a portfolio held by the two companies, in a deal worth C$430 million. The holdings include prime office and retail buildings in three large Canadian cities. The properties, collectively called Marathon portfolio, was acquired by the two companies from Marathon Realty Corp. in November 1996, in a deal worth C$952.1-million. According to Oxford's president and chief executive, the deal with GE substantially completes the company's acquisition efforts in 1998.

Midland Walwyn Inc.'s planned C$1.3 billion merger with Merrill Lynch & Co. has been approved by the company's shareholders. Midland President and CEO Robert Schultz stated that the combination of the firm and Merrill Lynch will would create a highly competitive company that is set to draw on an already established retail brokerage business. Schultz added that the new entity, which will be called Merrill Lynch Canada Inc., will become the leading investment dealer in Canada. Midland is set to be incorporated into Merrill Lynch's headquarters in New York.

Metro Capital Corp. failed in its attempt to go public after a deal with the Caisse de depot et placement du Quebec fell through. Michael O' Gallagher, Metro Capital CEO, said goals of the business of managing retirement homes and apartments could best be attained as a private firm. During initial marketing in early June 1998, Metro Capital officials were hopeful that the offering could be finished. At that time, a source privy to the offering said it was not the best time to go public. Metro Capital is among seven real estate firms, which have tried to go public since early 1998. Among these seven, Metro is the third firm who have fallen short.

Royal Host Real Estate Investment Trust has retracted its $35-million public offering and has instead offered US investors to generate funds through private placement. The Calgary, Canada-headquartered Royal Host has pulled off the retail offering due to the decreased price of its installment receipt under the issue price of $6. The hotel REIT has delayed all of its proposed deals that include the $102-million acquisition of a portfolio of 13 hotels, according to its chief financial officer Peter Sikora.

TrizecHahn Corp. of Toronto, Ontario, received a $500-million financing deal from Goldman Sachs Canada Inc. while also getting an upgrade from the merchant banker's New York office. The real estate firm was upgraded to 'recommended' from its previous rating of 'market outperform' on Jul. 10, 1998, the same day that it closed on the financing deal. TrizecHahn's president and COO, Gregory Wilkins, who described the event as a mere coincidence, said that research and investment banking in brokerage houses such as Goldman Sachs are independent operations.

TrizecHahn Corp., a developer, will start major construction of the Bay-Adelaide Centre, a C$300-million office development project in downtown Toronto, Canada. This is despite a stagnating market for office space in the downtown area. Bud Purves, senior vice president of development, said the company is hopeful to reach a binding deal over the course of summer 1998. Purves also said TrizecHahn has a long list of potential tenants. TrizecHahn intends to lease about half of Bay-Adelaide before building it.

Revenue Properties Corp.'s new president and CEO Paul Campbell is tasked with coordinating the company's varied holdings and eventually improve shareholder value. Campbell said that he is just starting to understand Revenue and its holdings. One observer said that Campbell's task is to devise a strategy and start to execute it to convince people that its has focus in Canada and the US. He said that one of his objectives is to build Canadian assets. Some non-strategic properties will be divested and the remainder refocused. On the company's gaming operations, Campbell admitted that he does not understand the business but said that he trusts William Rutsey, president and COO of Revenue's gaming holding RPC Gaming.