Here are the top reads on deals and financial services over the last week,
Altice concedes there’s a low chance of Cogeco bid succeeding: The chief executive of Altice USA Inc. says there is a “low chance” that its $11.1-billion hostile takeover battle – alongside Rogers Communications Inc. – for Quebec-based cable operator Cogeco will succeed. (Alexandra Posadzki)
Agnico CEO Sean Boyd calls for industry discipline amid roaring gold prices and record cash flows: Sean Boyd, the chief executive of Agnico Eagle Mines Ltd., Canada’s second biggest gold company, says the industry has to stay disciplined as it benefits from swelling cash flows generated by near-record high bullion prices. (Niall McGee)
Artis defends dealings with company tied to CEO Armin Martens’s family: Artis Real Estate Investment Trust is defending its business relationship with a company connected to chief executive Armin Martens’s family, saying a dissident shareholder’s criticisms of contracts between the two entities are just part of an “American-style smear campaign.” (Jeffrey Jones)
Pivotree shares surge after IPO of Toronto e-commerce company draws huge investor demand: Shares in Pivotree Inc. jumped by as much as 35 per cent Friday in their public debut on the TSX Venture Exchange after the Toronto e-commerce company raised $60-million in a heavily oversubscribed initial public offering. (Sean Silcoff)
Canadian investors among big winners in Nestle purchase of U.S.-based Freshly: Canadian investors are among the big winners in Nestlé SA’s purchase of U.S. meal delivery company Freshly, Inc. in a deal announced Friday that is worth up to US$1.5-billion. (Sean Silcoff)
Electric vehicle-charging company AddÉnergie raises $53-million in equity and debt to fund U.S. expansion: Canada’s largest maker and operator of electric-vehicle-charging stations, Quebec City-based AddÉnergie Technologies Inc., has raised $53-million in equity and debt to fund its expansion into the U.S. (Sean Silcoff, James Bradshaw)
HBC files suit against Oxford, says landlord breached lease agreements: Hudson’s Bay is firing another salvo in a battle with some of its landlords over rent payments during the global coronavirus pandemic. On Tuesday, Hudson’s Bay Co. ULC filed a lawsuit against Oxford Properties and its affiliates, claiming Oxford is in breach of its lease agreements at seven shopping malls it owns, co-owns or manages. HBC says in its statement of claim that it is not required to pay rent on those stores until the “breaches” are resolved. (Susan Krashinsky Roberson, Rachelle Younglai)
BCSC alleges junior B.C. mining company First Mexican Gold doctored technical report: The British Columbia Securities Commission (BCSC) alleges that junior mining company First Mexican Gold Corp., its then-chief executive officer and an external consultant broke securities laws by knowingly publishing a shoddy estimate of resources on a minerals property. (Niall McGee)
New OSC office to focus on innovative financing tools for start-ups: Ontario’s securities regulator is increasing its focus on novel ways for startups to raise capital, such as crowdfunding and angel investing, after a push from the provincial government to use financial regulation to foster economic growth. (Mark Rendell)
Sun Life names new interim president of mutual-fund division: Oricia Smith, senior managing director at SLC Management, has been named interim president of Sun Life’s mutual-fund division, Sun Life Global Investments (SLGI). Ms. Smith, who was working at the insurer’s global institutional asset-management company, was appointed this week and also took on the role of senior vice-president of investment solutions at Sun Life Canada. (Clare O’Hara)
New real estate players try to gain foothold in Canada’s hot market: New real estate players are trying to grab a piece of Canada’s booming real estate market, taking on traditional brokerages in the latest battle for a share of the lucrative business. (Rachelle Younglai)
After Cenovus takeover, Husky says all options on table for White Rose field in Newfoundland: Cenovus Energy Inc.'s plans to acquire rival Husky Energy Inc. have thrown into question an expansion project key to the future of Husky’s White Rose field, off the coast of Newfoundland and Labrador, and could lead to the abandonment of the field altogether. (Emma Graney)
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