Here are the top reads on deals and financial services over the last 24 hours,
Canopy Growth’s U.S. deal faces new challenge after hedge fund opposes it: A small but vocal hedge fund has come out against Canopy Growth Corp.'s attempt to acquire a U.S. cannabis producer, complicating a situation already strained by shareholders’ confusion about the complex transaction. Story (Tim Kiladze, for subscribers)
Layer 6 founders launching $350-million AI-focused venture fund: The chief of business and strategy for artificial intelligence at Toronto-Dominion Bank is leaving just 16 months after selling his startup to the financial services giant for $100-million to launch a venture capital fund backed by some of Canada’s largest institutions – including his recent employer. Story (Sean Silcoff, for subscribers)
Hudson’s Bay looks to put troubled Lord & Taylor on the block: Hudson’s Bay Co. is considering selling its troubled U.S. Lord & Taylor department-store chain. The Toronto-based retailer, whose chains include its namesake and Saks Fifth Avenue, said on Monday it is pursuing “strategic alternatives” for Lord & Taylor, among them a possible sale or merger as part of its strategy to focus on its biggest opportunities. Story (Marina Strauss, for subscribers)
Bank of Canada urges lenders to offer longer-term mortgages: Bank of Canada Governor Stephen Poloz is hitting back at critics who say stricter mortgage rules are stifling the housing market, urging lenders to instead fix the problem themselves by offering longer-term mortgages. A lack of innovation means lenders often steer borrowers into five-year, fixed-rate mortgages, when longer-term loans might help them get the home they really want, Mr. Poloz told a business audience in Winnipeg Monday. Story (Barrie McKenna, for subscribers)
BMO’s new private wealth strategy seems to be working under Auerbach’s guidance: When Andrew Auerbach took the top job at BMO Nesbitt Burns Inc. early last year, the retail brokerage firm had gone off course. A number of advisers were threatening to leave, morale was at a low point and the business had been leaderless for six months. Discontent was so widespread that, in an annual industry survey by Investment Executive newspaper in 2017, a majority of the bank’s investment advisers who responded ranked their firm below industry averages. That placed BMO Nesbitt Burns as the lowest-rated investment dealer among both banks and independent firms. Story (Clare O’Hara, for subscribers)
Questrade expands mortgage lending footprint with deal for Ontario trust company: Questrade Financial Group Inc. is stepping into the lending and deposit-taking business after acquiring Mississauga-based Community Trust Co. for an undisclosed amount. The deal, which closed on April 16, expands Questrade’s footprint in the financial-services industry beyond its traditional investment-management business. Community Trust specializes in commercial and retail mortgages. Story (Clare O’Hara, for subscribers)
MORE DEALS NEWS
Occidental says it had to boost cash component of $38-billion Anadarko bid to beat out Chevron: Occidental Petroleum Corp. said on Monday its latest bid to take over Anadarko Petroleum Corp. was designed to make sure Anadarko’s board considers its offer superior to one from Chevron Corp., even though it could spark tensions with its own shareholders. Story (Reuters, for subscribers)
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