Here are the top reads on deals and financial services over the last 24 hours,
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Catalyst-HBC battle heats up: The battle between rivals Catalyst Capital Group Inc. and Hudson’s Bay Co. grew more heated on Wednesday, as the Ontario Securities Commission declined to block a hearing into complaints about the $1.1-billion privatization bid for the retailer. Story (Rachelle Younglai and Jeffrey Jones)
Aramco shares surge 10% on debut: Saudi Aramco shares surged the maximum permitted 10 per cent above their IPO price on their Riyadh stock market debut on Wednesday. The market value of about US$1.88-trillion comfortably makes it the world’s most valuable listed company. Story (Reuters)
BRP’s stock slumps after bought deal announced: BRP Inc.'s stock slid 5.4 per cent after announcing another share sale by the company’s principal owners, the third such offering in three years. Shares of the maker of Sea-Doo watercraft and Ski-Doo snowmobiles closed down $3.42 at $60.30 on the Toronto Stock Exchange after news late Tuesday of the secondary share sale through a bought deal worth $305.9-million. Story (Nicolas Van Praet and Tim Kiladze)
Onex lands WestJet takeover: Onex Corp.’s $3.5-billion takeover of Calgary’s WestJet Airlines Ltd. is complete, after it cleared the final regulatory hurdle on Tuesday evening. The ruling from the Canadian Transportation Agency that said WestJet and its subsidiary airline Swoop Inc. would continue to meet Canadian ownership laws after the takeover. Story (Eric Atkins)
Triple Flag pulls plug on IPO: Triple Flag Precious Metals Corp. has cancelled its plans to go public, citing difficult market conditions, in what would have been the biggest initial public offering in the Canadian mining sector in more than two years. Story (Niall McGee)
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