DUNDEE CORP. $23 (Toronto symbol DC.A; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 75.4 million; Market cap: $1.7 billion; SI Rating: Average) is reorganizing its operations, and selling certain assets. Dundee is a holding company with subsidiaries in three main areas: wealth management, real estate and resources.
Dundee’s main subsidiary is 56.3%-owned DundeeWealth Inc., which offers wealth management services and owns the Dynamic family of mutual funds.
In September 2006, Dundee- Wealth launched Dundee Bank of Canada, a Schedule I Chartered Bank. DundeeWealth has now agreed to sell Dundee Bank to Bank of Nova Scotia for $260 million. Scotiabank has also purchased new shares of DundeeWealth for $348 million. That gives Scotiabank an 18% stake.
The deal also gave Scotiabank an option to increase its ownership in DundeeWealth to 20%, as well as first refusal rights on Dundee Corp.’s stake in DundeeWealth. Dundee Corp. continues to control more than 50% of DundeeWealth.
Subsequent to the Scotiabank transaction, DundeeWealth became the target of a hostile all-stock takeover offer from CI Financial Income Fund. Dundee Corp. has rejected this offer.
Dundee Corp. also owns 24% of zinc mining firm Breakwater Resources Ltd. Breakwater’s stock moved up recently on speculation that Dundee Corp. may now be interested in selling its stake. Unlike the DundeeWealth offer, Dundee Corp. may welcome a takeover bid for Breakwater. Selling investments like Breakwater would cut its risk, and remove some of its holding company discount.
Dundee Corp. is a buy.
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