Here are the top reads on deals and financial services over the last week,
FINANCIAL SERVICES NEWS
Retiring BCE chief George Cope to become next chair of BMO board: Bank of Montreal announced Friday that it will appoint George Cope, the long-time chief executive of BCE Inc., as its next board chair. Mr. Cope, 58, plans to step down as BCE’s CEO in January, after leading the telecom giant since 2008. He will take up his new role at BMO’s March 31 annual meeting. Story (James Bradshaw, Christine Dobby)
RBC’s new head of capital markets has his work cut out for him: There’s been a changing of the guard at Canada’s biggest investment bank. Derek Neldner took the reins as group head of RBC Dominion Securities Inc. on Friday, and he’s got his work cut out for him. Make no mistake: RBC’s capital-markets arm still defines the big leagues on Bay Street and is a Top 10 global investment bank. But these days, its bankers have a little less reason to swagger. Corporate clients are more cautious about deal making and borrowing because of uncertainties stemming from a slower U.S. economy, Brexit and high-profile trade spats. Opinion (Rita Trichur)
The Big Six banks are all on a roll, but National Bank is the sole big winner: Among Canada’s Big Six banks, just one is trading at a relatively high valuation: National Bank of Canada. And that gives the stock one extra hurdle to clear as the fiscal year ticks down. Story (David Berman)
Why Alberta should privatize ATB Financial: There’s never been a better time for the Alberta government to resurrect plans to privatize the 81-year-old financial institution, now known as ATB Financial. The province’s economy is sputtering and its finances are deeply in the red. Austerity is not a cure-all. Opinion (Rita Trichur)
Bay Street’s Sage Capital seeks to invest in small businesses with succession issues: The growing pool of private capital chasing small to medium-sized companies has added a prominent Canadian investor to the mix, with private equity executive Glen Silvestri running a search fund to bet on businesses facing succession issues. Story (Tim Kiladze)
Canada’s biggest bank teaches young clients a lesson on trusting big banks: The Leo’s Young Savers Account from Royal Bank of Canada is a nice little intro to the banking world for kids aged 13 and under. What happens to Leo account holders when they turn 14 is another story. Opinion (Rob Carrick)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Pengrowth Energy to be acquired by Cona Resources for 5 cents a share: Pengrowth Energy Corp. has agreed to be taken over by Cona Resources Ltd. in a deal that keeps its lenders whole, but leaves little for hard-hit shareholders. Pengrowth, which put itself on the auction block last March, said privately held Cona will pay 5 cents a share for the company, once one of Canada’s most successful income trusts. That puts the equity price in the deal at about $28-million. Story (Jeffrey Jones)
Hudson’s Bay urges shareholders to support Baker bid: Hudson’s Bay Co. urged shareholders to continue supporting a proposed $1.1-billion buyout of the department-store chain and poked holes on Friday in a private-equity fund’s campaign against the planned takeover. Story (Andrew Willis)
Google enters wearable device market with US$2.1-billion deal for Fitbit: Alphabet Inc-owned Google will buy Fitbit Inc for US$2.1-billion, as the biggest Web search company looks to take on Apple and Samsung in the crowded market for fitness trackers and smart watches. Story (Reuters)
Fiat Chrysler-Peugeot deal might only slow inevitable decline: The proposed merger of Fiat Chrysler Automobiles and France’s PSA Group is an admission that the future of car manufacturing is going to be highly expensive, arduous and possibly nothing more than a fight against long-term decline. Opinion (Eric Reguly)
Bombardier to sell aerostructures business to Spirit AeroSystems: Bombardier Inc. says it is getting US$500-million in cash for the sale of its jet components and service business, which shores up the Montreal-based company’s balance sheet as it focuses on turning around its train and business jets operations. Story (Eric Atkins)
Aramco meets investors in last-minute bid to hit $2-trillion IPO target, sources say: Saudi Aramco officials and advisers are holding last-minute meetings with investors in an attempt to achieve as close to a $2 trillion valuation as possible ahead of an expected listing launch on Sunday, according to three sources. Story (Reuters)
Canfor backs Pattison’s bid to take full control of B.C. forestry firm: A $981.7-million bid by B.C. billionaire Jim Pattison to take full control of Canfor Corp. has gained the support of the forestry firm’s special committee of independent directors despite one prominent shareholder’s criticisms that the offer is too low. Story (Brent Jang)
LVMH offers to buy Tiffany in US$14.5-billion deal: LVMH has offered to buy Tiffany & Co., known for its engagement rings and ties to Hollywood glamour, as the owner of Louis Vuitton and Bulgari seeks to expand in jewellery, one of the fastest-growing parts of the luxury-goods market. Story (Reuters)
IN CASE YOU MISSED IT
Former Bre-X geologist John Felderhof, key player in gold mining scandal, dies: Former Bre-X Minerals Ltd. geologist John Felderhof, a central figure in Canada’s largest stock market fraud, died on the weekend. Mr. Felderhof was vice-president of exploration at Bre-X when the tiny mining company reported finding a massive gold deposit in the jungles of Busang, Indonesia, in the 1990s, and went on a stock market tear. Story (Andrew Willis, Niall McGee)
Investors sour on Fairfax as stock losses pile up: Fairfax Financial Holdings Ltd. has made big, long-term investment bets in the name of value. After the dismal performance of some of those high-profile Canadian names in the third quarter, the company had some explaining to do. Story (David Milstead)
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