CIBC World Markets Acquires Private Client and Securities Services Businesses

CIBC World Markets Inc. successfully acquired Merrill Lynch Canada Inc.’s Canadian private client and securities services businesses on December 28, 2001. The combined entity will operate under the CIBC Wood Gundy name. CIBC’s agreement with Merrill Lynch Canada also provides for its acquisition of Merrill Lynch Canada’s asset management business, operated by Merrill Lynch Investment Managers Canada Inc., manager of the 41 Merrill Lynch mutual funds, completed on January 31, 2002, following receipt of regulatory approvals and expiry of the required period for notice to unitholders. The final purchase price will be in the range of $475 million to $650 million, depending on the number of financial consultants who accept employment with CIBC World Markets.

CIBC’s executive vice-president and general counsel, Michael Capatides, and senior vice-president and deputy general counsel, Jacqueline Moss, were assisted by S. Patricia Callon, Peter Moulson and Mark Crestohl of CIBC’s legal department, as well as James Carlson of Mayer, Brown, Rowe & Maw in New York, and a team from Stikeman Elliott, including Edward Waitzer, Philip Henderson, Jennifer Northcote, Christopher Bean, Maureen Tai and Gwen Cheung (corporate), Lawson Hunter and Paul Collins (competition), R. Bruce Pollock (employment), Dana Porter (real estate) and Wesley Ng (information technology) in Toronto.

Representing Merrill Lynch were Patrick Moran, director and senior counsel, and Bina Kalola, vice-president and senior counsel of Merrill Lynch & Co., Inc. in New York, Lynn Korbak, corporate secretary of Merrill Lynch Canada Inc. in Toronto, and by Torys LLP with a team comprised of Karen Malatest, Candy Saga, Geoffrey Creighton, Michael Akkawi, Wendy Kennish and Philip Brown (corporate), Deanna Dobrowsky (regulatory), Hugh O’Reilly (employment), Barbara Lippett (information technology), Katherine Christie (real estate) and R. Jay Holsten (competition) in Toronto.