Here are the top reads on deals and financial services over the past week:
Torstar trust member critical of deal to sell paper: Butch Folland, a member of the Hindmarsh family that owns 18.8 per cent of Torstar’s class-A voting stock, said he did not agree with the controlling trust’s decision to lock in support for NordStar’s bid of 74 cents a share, cutting off any further bidding war for the company that publishes the Toronto Star and other newspapers. (Jeffrey Jones)
German COVID-19 vaccine developer CureVac files for U.S. IPO: German biotech CureVac said on Friday it had filed for an initial public offering in the United States as it races to develop a vaccine for COVID-19. The company, valued at around $1.6 billion and backed by Microsoft Corp co-founder Bill Gates whose foundation has been a shareholder and provided grants, started its clinical study in healthy volunteers in June. Results of the safety-focused trial are expected in the fourth quarter of 2020, regulatory filings showed. (Reuters)
Canadian banks face rising loan losses as government support programs taper off: Canada’s Big Six banks may face growing loan losses as government support programs wind down and loan-deferral and interest-rate relief programs for consumers come to a halt. (Yeji Jesse Lee and Clare O’Hara)
Proposal to ban short selling ahead of deals to shake up junior markets: A move to bring Canadian short-selling rules in line with United States securities law could reverberate through Canada’s junior capital markets as regulators look to limit a controversial trading strategy used to finance high-risk companies, notably in the cannabis industry. (Mark Rendell)
RBC to raise $1.75-billion with new tax-efficient security: Royal Bank of Canada bolstered its balance sheet this week by selling $1.75-billion of a new, tax-efficient security, opening the door to what’s expected to be a wave of similar offerings from rival Canadian banks. (Mark Rendell and Andrew Willis)
Bombardier secures new credit worth $1-billion, burns through less cash: Bombardier Inc. has secured new credit worth US$1-billion and said it burned through less cash than expected in its latest quarter, bolstering its finances as it tries to finalize the sale of its rail business to France’s Alstom SA in the months ahead. (Nicolas Van Praet)
Diversity experts urge financial firms to set specific staffing targets: Diversity experts are urging Canada’s most prominent financial institutions to build on commitments to combat systemic racism by developing more detailed staffing targets that would help ensure the most marginalized employees don’t get left behind. (James Bradshaw)
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