recent acquisitions

VISA INC., $78.75, New York symbol V, set up its European operations (Visa Europe) as an independent firm in 2008. Over 3,700 European banks own this business, which uses Visa’s brand and payment networks under a licensing deal. This week, Visa agreed to buy Visa Europe. Under the deal, it will pay 11.5 billion euros in cash (1 euro = $1.07 U.S.) plus stock worth 5 billion euros. Depending on Visa Europe’s future results, Visa may have to pay an additional 4.7 billion euros at the end of four years. Visa’s balance sheet is strong, so it can comfortably afford this purchase. As of September 30, 2015, it held cash of $3.5 billion and was debt-free....

AGT FOOD & INGREDIENTS $31.83 (Toronto symbol AGT; TSINetwork Rating: Extra Risk) (306-525- 4490; www.agtfoods.com; Shares outstanding: 23.1 million; Market cap: $737.8 million; Dividend yield: 1.9%) buys and processes a range of pulses, which include peas, beans, lentils and chickpeas, as well as other specialty crops....

YUM! BRANDS INC., $72.89, New York symbol YUM, plans to spin off its operations in China as a separate firm. The company will hand out shares in Yum China to its own investors, who will not be liable for capital gains taxes until they sell. The company aims to complete the spinoff by the end of 2016. Yum China will operate 6,900 fast-food outlets under the KFC, Pizza Hut and Taco Bell banners. In the three months ended September 5, 2015, this division supplied 57% of Yum’s overall sales....

Slate Office REIT, $7.23, symbol SOT.UN on Toronto (Units outstanding: 30.5 million; Market cap: $220.5 million; www.slateam.com), owns 48 office and industrial properties in Atlantic Canada (46% of square footage), Ontario (33%) and Western Canada (21%). Slate changed its name from FAM REIT in March 2015.

In June, the trust completed its $430-million purchase of Fortis Properties Corp., Fortis Inc.’s commercial real estate portfolio. These properties, located in New Brunswick, Nova Scotia and Newfoundland and Labrador, include 10 office buildings, one mixed-use office complex and three shopping malls. In all, they comprise 2.8 million square feet of space.

Some notable Newfoundland properties included in the sale are Cabot Place, the Fortis Building and TD Place in St. John’s; the Fortis Tower and the Millbrook Mall in Corner Brook; the Fraser Mall in Gander; and the Marystown Mall.

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ALCOA INC., $9.52, New York symbol AA, plans to split itself into two separate firms. One will focus on Alcoa’s upstream operations, which include mining bauxite ore and refining it into bulk aluminum products. This business will be the world’s fourth-largest aluminum producer, with $13.2 billion of annual revenue and gross earnings of $2.8 billion. The other company will focus on engineered aluminum products, such as components for cars and jet engines. This firm has $14.5 billion of annual revenue and gross earnings of $2.2 billion....

A history of consumer loyalty, big store upgrade initiatives and smart acquisitions keep Canadian Tire among our favourite dividend stocks

: Building on strategic acquisitions and a strong financial position, we see Metro Inc. as a top growth stock among Canada’s consumer giants.

Exchange Income Corp., $24.18, symbol EIF on Toronto (Shares outstanding: 23.2 million; Market cap: $560.9 million; www.exchangeincomecorp.ca), operates in two main areas: aviation and manufacturing. The aviation business (77% of revenue) includes regional airlines Perimeter Aviation, Keewatin Air, Calm Air International, Bearskin Lake Air Service, Custom Helicopters and Regional One. These airlines serve communities in Manitoba, Ontario and Nunavut. The manufacturing business (23% of revenue) includes WesTower Communications Canada (a maker and installer of wireless communication towers), Jasper Tank, Overlanders Manufacturing, Water Blast Manufacturing and Stainless Fabrication....

Almost a century of uninterrupted dividends and a forceful growth strategy make 3M Company one of our Best Buys in U.S. stocks.

BOMBARDIER INC., Toronto symbols BBD.A $1.89 and BBD.B $1.86, jumped 42% this week in response to media reports that a Chinese company has offered to buy a majority stake in its passenger-railcar business, Bombardier Transportation. The reported price of $7 billion U.S. to $8 billion U.S. is roughly 2.4 times Bombardier’s $4.2-billion (Canadian) market cap (or the value of all of its outstanding shares). The company has denied that it plans to sell the railcar business. However, it still intends to sell shares in Bombardier Transportation through an initial public offering later this year—though it will continue to own a majority stake....