National Post (National Edition)



Bank of Nova Scotia is vacating the top floors of one of Canada's tallest skyscraper­s in downtown Toronto, continuing a revamp of its office footprint in the city. Scotiabank will leave the top floors of 40 King Street West, part of the Scotia Plaza complex, making them available for lease in 2023, building owners KingSett Capital and Alberta Investment Management Corp. said Monday. This is the first time the space will be open since the 68-floor building opened in the 1980s, the owners said. The bank is renewing 560,000 square feet of space in the complex, bringing its total commitment at the site to 1.1 million square feet. Scotiabank has signed to be an anchor tenant in the north tower of Brookfield Asset Management Inc.'s Bay Adelaide Centre office complex, one block north of Scotia Plaza.

U.K. security group G4S will hold talks with the City's takeover panel, the Telegraph reported on the weekend, which could lead to a head-to-head auction between North American peers GardaWorld and Allied Universal for the firm's buyout. Montreal-based GardaWorld and U.S.-based Allied last month extended their buyout offer periods for G4S's shareholde­rs to accept their individual offers, even as the U.K. company's board had already accepted Allied's bid. GardaWorld was in talks to raise more money to sweeten its last bid of 235 pence ($4.11) a share for G4S, the Telegraph reported, citing City sources. Allied's offer is 10 pence higher. However, the Telegraph reported the City expected GardaWorld to return well above Allied's offer, with G4S shares having closed at 261.1 pence ($4.57) on Friday in London.

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