Intact takes steps to finance OneBeacon deal

Intact Financial plans to sell 6 million preferred shares to
raise C$150mn ($109.5mn) to help finance its purchase of specialty
insurer OneBeacon from White Mountains.
The shares will be offered to the public at C$25 each through a
syndicate led by CIBC Capital Markets. Intact plans to use the
proceeds to help finance the $1.7bn OneBeacon transaction, the
company said in a statement announcing the sale today.
The offering of the securities, which will yield 5.2 percent per
year, is...