“There is an emphasis on signing a trade agreement with India,” Amarjeet Sohi said in an interview Tuesday. “The process was begun in 2014 and we are putting great emphasis on moving the discussions forward.”

Sohi, speaking on the sidelines of Vibrant Gujarat — a big biennial investor gathering in the western state of Gujarat that is home to India’s Prime Minister Narendra Modi — said that two-way annual trade between the countries currently stood at $8.3 billion in 2015 and is set to grow steadily.

Trade flow with India has grown 30 per cent from 2014 levels, but the size of bilateral trade between the nations is relatively small, at about one-10th the size of Canada’s annual trade flow with China, according to Statistics Canada data.

“India is absolutely critical for Canada to engage with, as it is not only a growing economy, but a major regional player.”

Some of Canada’s largest pension funds and investment firms — ranging from Canada Pension Plan Investment Board and Ontario Teachers Pension Plan to Fairfax Financial and Brookfield Asset Management — have in recent years put billions of dollars into investments within infrastructure, real estate and even startups in India.

Canadian funds have invested close to $15 billion in India in recent years and we see a lot of potential of that investment growing, said Sohi.

Some of the leading-edge companies in Canada focus on urban infrastructure and if you look at the needs of urban centres in India there are lot of opportunities for collaboration and growth in that sector, he added.

Canada’s Bombardier, which has a manufacturing base in Gujarat, has been a key supplier of rail locomotives and equipment to the metro systems in both Mumbai and New Delhi.

— Euan Rocha is the Mumbai bureau chief for Reuters.

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The deal, expected to close this summer pending regulatory approvals, was cheered by analysts and investors. Shares in Vaughn, Ont.-based Cara, which went public a year ago, closed 9.4 per cent higher at $29.15 on the TSX.

“Given the potential synergies that exist, not only on the cost side but also on the top-line, we believe Cara has only increased its positioning as the dominant restaurant operator in Canada, and as an attractive consolidator going forward,” said Canaccord analyst Derek Dley, in a note.

Cara, Canada’s largest operator of full-service restaurants, had indicated it was looking to expand through acquisitions. And analysts had flagged privately-held St-Hubert as one of the most likely targets for Cara, which is controlled by dealmaker Prem Watsa’s Fairfax Financial Holdings.

Swiss Chalet and St-Hubert are both well known for their rotisserie chicken meals, but the two chains share little geographic overlap.

Of St-Hubert’s 117 restaurants, 108 are in Quebec, where Swiss Chalet does not have a presence. The remainder are in eastern Ontario and New Brunswick.

St-Hubert also operates food processing plants at Boisbriand and Blainville, Que. and distribution centres at Boisbriand and Anjou, Que.

About two thirds of its food processing sales are to “external” customers such as grocery chains, while the other third is in “internal” sales to the company’s restaurant network.

“There’s no retail to speak of really right now in Cara, and this team and the facilities they’ve got in Quebec are perfect for us and Quebec was the province we were most under-penetrated within, so we can use this to build not only more St-Hubert’s in Quebec, but other restaurants too,” said Fairfax president Paul Rivett.

Cara has said it wants to boost revenue to $2.5 billion-$3 billion in five to seven years, up from $1.7 billion in 2014.

“Major expansions”

The acquisition of St-Hubert is expected to move Cara much closer to that target. The Quebec firm’s restaurant and food processing businesses booked about $403 million and $225 million in 2015 sales respectively.

The deal also gives Cara an opportunity to expand its offerings through grocery chains, including Loblaw, Costco and Metro, where St-Hubert sells products such as marinades, pot pies and seasonings.

St-Hubert Group CEO Jean-Pierre Leger said the deal will also create jobs in Quebec, “since it will enable us to carry out major expansions of our food manufacturing facilities and sales throughout Canada.”

The provincial opposition Parti Quebecois, Coalition Avenir Quebec and Quebec Solidaire parties lined up Thursday in separate releases to criticize the deal, framing the Ontario firm’s investment as evidence of an unfavourable economic climate in Quebec.

But the province’s poultry producer association, les Eleveurs de volailles du Quebec (EVQ), predicted Thursday it will be business as usual for farmers supplying the St-Hubert operations.

Quoted by La terre de chez nous, the journal of Quebec’s Union des producteurs agricoles (UPA), EVQ president Pierre-Luc Leblanc said current farmer-suppliers already have unique expertise in providing birds to the rotisserie chain’s exact specs (2.25 kg each).

St-Hubert alone is the market for about 3.3 per cent of the 175 million chickens produced each year in Quebec, the EVQ said.

Cara, whose brands also include the Milestones, Montana’s, Kelsey’s, Bier Markt and East Side Mario’s restaurant chains, said it plans to fund the deal through a credit facility, raised to $700 million from $150 million.

It also said it will consider offering shares to eliminate or reduce the need for a two-year term loan, which is part of the credit facility.

— Reporting for Reuters by Euan Rocha in Toronto and Amrutha Gayathri in Bangalore. Includes files from AGCanada.com Network staff.

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Executives from Canada’s second-largest railroad said the deal is now in the hands of Norfolk Southern’s shareholders, and urged its board to consider CP’s latest proposal even as industry skeptics questioned whether such a merger could gain U.S. regulatory approval.

“The only way it’s going to happen is if you show support for this transaction,” CP CEO Hunter Harrison told analysts on a conference call on Wednesday. “If you don’t want it to happen all you’ve got to do is tell us.”

CP executives offered an additional 0.451 of a Contingent Value Right (CVR) in a new holding company for CP and Norfolk Southern that could be converted to cash and would increase the value of the deal by up to $3.4 billion, they said (all figures US$).

Described as a type of 15-month “insurance policy,” the CVR would protect shareholders in the event that the company’s stock value falls below $175 a share in October 2017. CP estimates the new holding company’s stock will be worth $204 at the transaction’s expected closing in May 2016.

The CVR was added to the terms of an offer previously rejected by Norfolk. For each share tendered Norfolk shareholders would now receive a CVR, along with $32.86 in cash and 0.451 of a share in a new holding company that would own both Norfolk Southern and CP.

Each railroad would be run separately by two different CEOs.

Norfolk Southern said in a statement on Wednesday that its board will “carefully consider” CP’s latest proposal.

A full merger between CP and Norfolk would require the approval of the U.S. Surface Transportation Board which introduced rules in 2001 that place additional hurdles for proposed rail mergers. Since then, no major proposed merger has come before the STB, so CP’s bid for Norfolk would be a test case.

If the merger is rejected by the STB the two railroads, CP and Norfolk Southern, would go back to trading as separate stocks, CP said.

“If this is going to be a street fight, so be it,” Harrison said. “The clock is ticking and it’s ticking down. And it’s time for some of us to take action.”

— Allison Lampert and Euan Rocha report for Reuters from Montreal and Toronto respectively. Additional reporting for Reuters by Nick Carey in Chicago and Svea Herbst-Bayliss in Boston.

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Calgary-based CP said it was now offering $32.86 in cash and 0.451 of a share in a new holding company that would own both Norfolk Southern and CP. To alleviate regulatory concerns, CP said it was prepared to close the transaction using a voting trust (all figures US$).

The proposal was flatly rejected by Norfolk, however, which said it had reviewed a voting trust structure and it did not see this winning approval from regulators who typically take close to two years to review any rail mergers in the U.S.

“Canadian Pacific’s revised, reduced proposal is not only less than what the Norfolk Southern board has already found to be grossly inadequate, it is even more uncertain and risky given the decrease in the cash consideration,” Norfolk Southern CEO James Squires said in a statement on Tuesday.

Shares in Norfolk Southern fell 2.75 per cent to $89 in trade before the morning bell on Tuesday.

U.S. regulators have long been skeptical about rail mergers. Canadian National Railway’s (CN) bid to buy Burlington Northern Santa Fe was blocked by authorities in 1999-2000.

The new holding company would be listed both on the New York and Toronto stock exchanges, CP said.

To ensure against any unlawful control violation, CP said an independent trustee would be appointed to oversee either CP, or Norfolk while in trust. It also said that while in trust, its CEO Hunter Harrison would sever all ties with CP and become CEO of Norfolk, with his No. 2 Keith Creel assuming the helm at CP.

Harrison has built a reputation as a turnaround expert in the rail industry and has dramatically improved CP’s metrics since taking the helm of the company.

CP said even if regulators ultimately decide that a merger will not be permitted, operational improvements will by then have materially increased the value of Norfolk benefiting all shareholders.

“We view this announcement positively as it demonstrates CP’s strong commitment to pursuing the acquisition,” Desjardins analyst Benoit Poirier said in a note, adding that the level of complexity in the CP proposal indicates that a thorough analysis has been performed in order to set up a deal that may be viewed favorably by regulators.

— Allison Lampert and Euan Rocha are Reuters correspondents covering the transportation sector from Montreal and mergers and acquisitions from Toronto respectively. Additional reporting for Reuters by Sneha Banerjee in Bangalore.

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Selling assets is one prong of a wider strategy by the Swiss-based trader and miner to cut about a third of its $30 billion debts and regain investor trust, after its shares tumbled by about three-quarters this year to record lows in tandem with weak global commodity prices (all figures US$).

Glencore declined to comment while COFCO was not immediately available to comment.

Last month Glencore said it was hoping to raise $2 billion from selling assets including a minority stake in its agriculture assets by early next year. The sources did not say the likely size of the stake being sold or the likely amount it would raise.

UBS analyst Myles Allsop has valued Glencore’s entire agriculture business at between $10 and $12 billion.

Sources said Glencore is creating a separate legal entity for the assets involved, expected to be mostly those inherited from the C$6.1 billion purchase of Canadian grain handler Viterra in 2012, a deal which boosted its grain operations in Canada and Australia in particular.

One source said Glencore was considering selling minority stakes to several parties but no more than 49 per cent of the new entity.

“They (agricultural assets) are a business that Glencore wants to grow, but that requires capital and Glencore doesn’t want to put the capital into it because of the balance sheet… so they say let’s sell part of it,” said a source.

It was not clear which Saudi Arabian sovereign wealth fund was involved in the talks, but state-backed Saudi Agricultural and Livestock Investment Co. (SALIC) has been active in the sector, having entered a joint venture with U.S. grain trader Bunge Ltd to invest in Canadian grain handler CWB in April.

SALIC did not respond to a request for comment.

China’s COFCO has also been expanding its agriculture activities, having invested $2.8 billion in 2014 via joint ventures with Noble Group’s agribusiness and Dutch grain trader Nidera, after taking substantial stakes in the companies.

Two sources said Canadian pension funds and Japanese trading houses were also interested in a stake in Glencore’s agriculture assets.

One banker said Canadian pension fund CPPIB is taking a close look at the opportunity.

CPPIB declined to comment.

Sources said Glencore had appointed banks Citigroup and Credit Suisse to handle the sale.

— Reporting for Reuters by Sarah McFarlane and Clara Denina in London and Euan Rocha in Toronto. Additional reporting by Freya Berry and Dmitry Zhdannikov in London, Henning Gloystein in Singapore, and Aaron Sheldrick in Tokyo.

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CPPIB, one of Canada’s top pension fund managers with more than $192.8 billion in assets under management, said Regina-based Assiniboia’s diversified portfolio consists of 115,000 acres of farmland that produce crops such as wheat, barley and canola.

The existing management team of the fund, which was created in 2005, will continue to manage the land portfolio, said CPPIB.

Sovereign wealth funds and large pension funds like Canada’s CPPIB, seeking long-life revenue generating assets, are making a number of big bets in physical assets like farmland and forests, along with investments in ports, hydro-electric power projects and other such assets.

Last year, CPPIB launched its agriculture investment program which is initially focusing on farmland opportunities in Canada, the U.S., Australia, New Zealand and Brazil.

This is CPPIB’s second investment in farmland since setting up its agriculture investment program. Last year, CPPIB made its first foray in the sector, buying a large parcel of land that is spread across different parts of the U.S.

“Agricultural land is an important asset class for us,” Andre Bourbonnais, CPPIB head of private investments, said in a phone interview. “Such investments align well with CPPIB’s long-term investment strategy, while further diversifying our portfolio.”

Canadian farmland values have risen steadily over the past decade, with the average value jumping 10 per cent during the second half of 2012, according to the latest data from Farm Credit Canada (FCC), the country’s biggest agricultural lender.

The jump was the largest half-year increase measured by FCC since it began reporting on farmland values in 1985, coming the same year that U.S. corn prices rocketed to an all-time high.

Population growth in developing countries like China and India, and a move to higher-protein diets, have boosted demand prospects for grains and oilseeds.

Bourbonnais noted that farmland is an attractive asset class that has historically delivered stable, risk-adjusted returns. He also highlighted that the global outlook for agriculture in general is positive due to increasing demand for food products.

Western Canada this year produced the region’s biggest-ever wheat and canola crops, and Saskatchewan is the largest provincial grower of both. Canada is usually the world’s second- or third-largest wheat exporter and the biggest canola shipper.

Soaring land prices

Canada is not the only major crop producer where farmland prices have soared.

In the U.S., prices of Iowa farmland set a new record in 2013 for the fourth year in a row as farmers paid top dollar. But most land brokers and industry specialists there expect weakness ahead due to falling crop prices, an Iowa State University researcher said on Wednesday.

A study last year argued that the amount of land needed to grow crops worldwide is at a peak, and a geographical area more than twice the size of France will be able to return to its natural state by 2060 as a result of rising yields and slower population growth.

Bourbonnais, however, said CPPIB is comfortable with investing in the area, despite some such concerns in the market.

“The macro drivers, quite frankly, support our investment thesis,” he said. “We view this as a secular growth story.”

In 2009, investment firm Sprott Resource Corp. created One Earth Farms on land across Saskatchewan and Alberta that it leases from aboriginal bands and private landowners

Saskatoon-based One Earth now bills itself as one of Canada’s largest farms, growing grains and oilseeds and raising cattle.

The average Canadian farm grew to a record size in 2011, and the number of farms shrank to a record low, according Canada’s most recent census data.

The three Prairie provinces, Manitoba, Saskatchewan and Alberta, have restrictions severely limiting how much farmland foreign investors can own.

“This could have an impact on our exit, but we are long-term owners so it’s not something we are concerned about in the short term,” said Bourbonnais.

— Euan Rocha and Rod Nickel are Reuters correspondents based in Toronto and Winnipeg respectively.

Related stories:
Late spring seen weighing on Prairie farmland demand, June 25, 2013
Average farmland values up 10 per cent in six months, April 16, 2013

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Toronto-based Maple Leaf said it has recently completed a comprehensive review of opportunities to accelerate profitable growth across its bakery business. But before committing resources, it decided to explore strategic alternatives, including a sale of its 90 per cent stake in Canada Bread.

“This is about a great business with a good view to help it to grow profitably over the next four or five years, but because we’re at a crossroads… we felt it was prudent to consider the alternatives,” Maple Leaf chief executive Michael McCain said in an interview.

Maple Leaf’s shares jumped 10 per cent to $14.63 by mid-afternoon on the Toronto Stock Exchange, while those of Canada Bread rose 6.4 per cent to $65.15.

In the event of a sale of the business, Maple Leaf said it would consider using the proceeds to pay down debt, reinvest in its business and return capital to shareholders.

The potential sale of its Canada Bread interest, following a deal in August to sell its rendering business, does not signal that Maple Leaf itself is for sale, McCain said.

Maple Leaf has the choice to operate an integrated business that includes the bakery, or become a protein-focused company, McCain said.

In response to an analyst’s question on a conference call about whether Maple Leaf is signaling it is for sale, he said “the answer … is a very unequivocal ‘no.'”

Canada Bread, in addition to bread sold under the Dempsters brand, sells pasta and other products under banners such as Olivieri, Ben’s, POM and Sunmaid.

McCain has in recent years highlighted a consumer move away from eating bread, driven by some popular diets, but said Monday that such trends were not behind Maple Leaf’s possible exit of the bakery business.

In fact, if the company holds onto its Canada Bread stake, it is confident that through organic growth and cost-cutting it can capitalize on new opportunities.

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The Teamsters Canada Rail Conference (TCRC), which represents some 3,300 conductors, trainmen, yardmen and traffic co-ordinators, said the company rejected the union’s offer to extend conciliation talks that ended on Oct. 7.

“We’re extremely disappointed by CN’s refusal to extend the mediation period,” Roland Hackl, a spokesman for the union, said in a statement.

The union said the talks have stalled over CN’s demands for concessions that would force workers to work longer hours with less rest time between trips. Wages and the retirement plan are not central issues in this bargaining round, the union said.

The union said the company’s demands fly in the face of its statements about safety being a priority.

A CN spokesman said the company does not comment on the substance of ongoing labour negotiations, but stressed that CN’s bargaining proposals would not in any way compromise the health and safety of TCRC members.

CN remains optimistic it can negotiate an amicable settlement with the TCRC to avoid labor disruption in Canada, the spokesman, Mark Hallman, said in an email.

Hallman also noted the company has comprehensive safety programs in place designed to prevent accidents.

Rail safety has become a hot-button issue in Canada this year after a disaster in July when a runaway tanker train derailed and exploded in the middle of the small town of Lac-Megantic, Que., causing 47 deaths and hundreds of millions of dollars in damage.

The accident prompted Canada to toughen its safety standards for railways earlier this year.

Last May, the Canadian government stepped in to force an end to a strike that shut down the freight operations of Canada’s No. 2 railroad operator, Canadian Pacific Railway, as the strike impacted shipments of grain, coal, fertilizer, autos and other goods.

The strike at CP last year occurred after 4,800 unionized locomotive engineers, conductors and rail controllers walked off the job over the company’s plan to cut pension payments.

It is unclear whether the federal government would step in and pass back-to-work legislation if a strike or lockout occurs at CN.

The same TCRC bargaining unit ratified a three-year deal in November 2010 following a round of what were then described as “last-chance” meetings with a federal mediator.

The company and union by that point were in position to launch a lockout or strike respectively with 72 hours’ notice.

The union last month warned the situation with CN may end up as “a repeat of the 2010 negotiations.”

— Euan Rocha reports on the mining, mineral and fertilizer sectors for Reuters from Toronto. Includes files from AGCanada.com Network staff.

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The fertilizer maker and farm products retailer threw down the gauntlet late on Monday by nominating David Everitt and Mayo Schmidt as independent board members, passing over five nominees that Jana has proposed for election to Agrium’s board.

"We believe that a proxy battle, as opposed to a negotiated settlement, is becoming a near certainty," said Ben Isaacson, an analyst with Scotiabank, in a note to clients.

The two sides have been locked in a war of words as Jana, a New York-based hedge fund that owns six per cent of Agrium, made a range of demands, including that Agrium spin off its retail arm and boost the level of industry experience on its board.

Calgary-based Agrium, the largest North American retailer of crop products such as seed, fertilizers and crop protection chemicals, says keeping its retail and wholesale operations under the same roof gives the company an advantage. Its wholesale division produces nitrogen-, potash- and phosphate-based crop nutrients.

The looming proxy fight is the latest in a series of high-profile battles led by activist investors seeking to shake up the management of leading Canadian companies.

Last year, well known investor William Ackman used tactics similar to those being now employed by Jana to oust the board of Canadian Pacific Railway and install his hand-picked candidate as CEO of the railroad operator.

Jana, a top U.S. activist investor, has won high-profile campaigns at companies such as Marathon Petroleum and McGraw-Hill.

Agrium, which has gradually expanded its retail arm through a series of deals, believes the business provides it with a safety net, as its wholesale business is typically cyclical.

In its statement late Monday, Agrium said its two new independent directors bring a wealth of industry experience to its board, a nod to one of the main issues flagged by Jana.

Everitt was a long-time executive with Deere and Co., the world’s largest farm equipment maker, where he was responsible for its tractor and crop care products business.

Schmidt led Viterra, the Regina-based global agribusiness that was last year acquired by Glencore International.

Jana, however, panned the choices late Monday and accused the company of making a "hollow attempt to fight off real value-maximizing change."

It said Agrium is attempting to address Jana’s points about capital allocation, disclosure and relevant board experience "without having to embrace actual change."

No truce

Agrium last year doubled its dividend payout and completed a $900 million share buyback amid pressure from Jana. At a meeting last month, Agrium also provided analysts with much more detail on its retail arm, addressing another of the issues highlighted by Jana.

Although it remains confident that Jana will not defeat it in a proxy battle, Agrium said it reached out to Jana before naming its new directors in order to negotiate a truce.

Agrium said Jana agreed to halt its pursuit of a break-up in return for naming one of its director nominees to the Agrium board. However, the company said Jana reneged on the deal at the last minute by demanding at least two seats on its board.

"We are disappointed in Jana’s decision to prolong this fight which it is certain to lose. Shareholders are clearly not supportive of Jana’s initiative to break up Agrium," Agrium’s CEO Mike Wilson said in a statement.

— Euan Rocha covers the mining and minerals sectors for Reuters in Toronto. Thyagaraju Adinarayan is a Reuters correspondent based in Bangalore.

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New York-based Jana, Agrium’s largest shareholder, has been pressuring the fertilizer maker and farm products retailer for months. It wants Calgary-based Agrium to spin off its retail arm, cut costs, return cash to shareholders and improve disclosure.

The firm, which owns a six per cent stake in Agrium, named its managing partner, Barry Rosenstein, and four independent nominees for election to Agrium’s 11-member board. The move sent shares in Agrium up more than two per cent on Monday.

"Jana believes that these individuals will add critical oversight to a board that for years has tolerated suboptimal capital allocation, failure to manage costs, structural issues, lack of transparency, and share price underperformance," the hedge fund said in a statement.

The proxy fight is the latest in a series of high-profile battles led by activist investors seeking to shake up the management of leading Canadian companies. Earlier this year, investor William Ackman, using tactics similar to those employed by Jana, succeeded in installing his hand-picked candidate as CEO of Canadian Pacific Railway.

The main point of contention between Jana and Agrium is whether a retail spinoff would create value for shareholders. Agrium contends its strategy of integrating its wholesale and retail arms helps provide steady earnings, even during downturns in the volatile agricultural sector.

Agrium CEO Mike Wilson said he was confident the Jana proxy fight would fail.

"Jana has been trying for over six months to obtain support for its idea that Agrium should spin off or sell its retail operations. Agrium’s shareholders have overwhelmingly rejected Jana’s ideas," Wilson said in a statement. "As a result, we believe Jana’s attempt to run its own slate for Agrium’s board is almost certain to fail."

Agrium already owns the biggest network of farm retail stores in the U.S., where it sells fertilizers, seeds and crop protection chemicals. It is in the process of expanding its retail presence in Canada via the acquisition of retail stores that Glencore is selling following its takeover of Viterra, Canada’s top grain handler and farm products retailer.

Drawn-out battle

Jana initially disclosed it that had acquired a stake in Agrium in August, weeks after it had already begun to meet with shareholders and analysts to argue the merits of a spin-off.

Agrium has steadfastly refused to consider spinning off its retail arm, while seeking to placate disgruntled shareholders by raising its dividend this year and completing a share buyback.

Agrium’s shares have risen more than 40 per cent this year — which each side says bolsters its own case for what’s best for the company.

Alta Corp analyst John Chu said the company has also begun to provide increased transparency in reporting operational efficiencies for its retail division.

"Jana’s continued investment in Agrium should bode well for the stock as we expect this to yield more transparency for the retail segment going forward, regardless of whether Jana is eventually successful in appointing new members to Agrium’s board," said Chu in a note to clients.

Jana, a top U.S. activist investor, has won high-profile campaigns at companies such as Marathon Petroleum and McGraw-Hill.

Jana’s slate for the Agrium board also includes David Bullock, Stephen Clark, Mitchell Jacobson and Lyle Vanclief.

The fund said Bullock was formerly chief financial officer and chief operating officer at United Agri Products (UAP), now part of Agrium’s retail arm.

Vanclief, a southern Ontario farmer and agrologist, was Canada’s minister of agriculture from 1997 to 2003, during Jean Chretien’s Liberal administration and a member of Parliament for 15 years.

Clark and Jacobson are former CEOs of companies that Agrium has cited as peers of its retail business.

Scotiabank analyst Ben Isaacson said he is watching for a negotiated settlement between the two sides, before a mid-2013 proxy contest ensues.

— Euan Rocha reports on mining and minerals for Reuters from Toronto.

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