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Deals Rumor Mill: FirstCaribbean, Sabeco, Elenia Oy

By Benjamin Horney (December 12, 2017, 4:28 PM EST) -- Canadian Imperial Bank of Commerce is readying an initial public offering of shares in its Caribbean business, according to a report from Reuters on Tuesday. According to the report, the unit in question, known as FirstCaribbean, is worth about $2 billion and the flotation is expected to take place in New York. CIBC no longer views FirstCaribbean as a core part of its business, the report said, due to difficulties related to growing profits, among other issues. An IPO could see 20 percent of FirstCaribbean available, with plans to offer more shares later....

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