Here are the top reads on deals and financial services over the last 24 hours,
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Aimia attacked by second shareholder group, faces threat of board shakeup: The fight to control Aimia Inc.’s future is escalating after a second set of shareholders questioned the Canadian loyalty program provider’s leadership and launched a campaign to shake up its board of directors. Story (Tim Kiladze)
Hudson’s Bay posts deeper loss with streamlining efforts still in ‘early stages’: Hudson’s Bay Co. has reported another significant loss as its namesake Bay department stores dragged down sales, highlighting the urgency of the Canadian retailer’s turnaround plan. Story (Susan Krashinsky Robertson)
CI Financial to launch Assante Connect online investing platform based on WealthBar’s technology: CI Financial Corp. is merging robo-adviser WealthBar’s technology with its independent wealth manager Assante Wealth Management (Canada) Ltd. as it looks to draw in more digital-savvy investors. Story (Clare O’Hara)
Transat loss more than doubles on fees, compensation ahead of Air Canada deal: Airline and tour operator Transat AT Inc.’s third-quarter loss more than doubled due to fees and executive compensation related to its deal to be taken over by rival Air Canada. Story (Eric Atkins)
WeWork reportedly considering curbing founder’s voting power to save IPO: WeWork owner The We Company’s executives, investors and advisers are discussing curbing the voting power of founder Adam Neumann and removing his wife from a role in succession planning, the Financial Times reported on Thursday, citing sources familiar with the matter. Story (Reuters)
InBev set to revive shelved Budweiser Asia IPO with $5-billion float: sources: Anheuser-Busch InBev is planning to raise about $5 billion from a revived float of its Asian operations after the world’s largest beer maker shelved a Hong Kong IPO in July, people with knowledge of the matter said. Story (Reuters)
FINANCIAL SERVICES NEWS
‘We don’t go fast and break things’: Canada’s banks try to manage risks as they cautiously push into AI: Canada’s banks are investing heavily in artificial intelligence but also ramping up efforts to build guard rails around powerful new technology as clients grow wary of potential risks to privacy and fairness. Story (James Bradshaw)
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