NAFTA and how free trade negotiations are impacting Canadian M&A activity

The President of the United States recently made headlines when he announced that the United States and Mexico had reached a new bilateral trade deal to replace the North American Free Trade Agreement (NAFTA) and that the countries were prepared to move forward without Canada. Although Canada rejoined the NAFTA negotiations thereafter, the US announcement perpetuated the lingering uncertainty regarding the future of the trade relationship between Canada and its southern neighbour. This uncertainty already seems to have impacted M&A activity coming into, and out of, the “Great White North” and will likely continue to do so until resolved. According to PricewaterhouseCoopers’ half-year review of Canadian M&A activity, outbound deal volume from Canada into the US rose by 8% in the first half of 2018 compared to the same period last year, while overall inbound deal volume regressed. Certain commentators are attributing these trends to the ambiguous NAFTA…

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