Here are the top reads on deals and financial services,
FINANCIAL SERVICES NEWS
Wealthsimple looking to separate its wealth management business targeting advisers: Robo-adviser Wealthsimple is in discussions with several Canadian wealth managers as it looks to separate its Wealthsimple for Advisers business in order to focus on its online services for direct consumers. After a strategic review this fall, Wealthsimple CEO Michael Katchen told The Globe and Mail his two business lines – which include an online robo-adviser for investing – were gaining scale at a greater pace than originally anticipated and it “became apparent” the company needed to find a partner for its financial adviser business. Story (Clare O’Hara)
Questrade applies for Canadian banking licence: Questrade Financial Group Inc. is continuing to expand its footprint in the financial-services industry with an application for a Canadian banking licence, allowing it to diversify beyond low-cost stock trading for Canadians. Managing about $9-billion in assets, Questrade is best known for its discount brokerage platform, and also runs a robo-adviser business. Story (Clare O’Hara)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
China’s Zijin Mining buying Canada’s Continental Gold: China’s Zijin Mining Group Co. Ltd. is buying Canada’s Continental Gold Inc. for $1.4-billion, the latest big deal in what has been a banner year for mergers and acquisitions in the Canadian gold mining industry. Ziijin is offering $5.50 a share in cash for Continental, a 13-per-cent premium over Friday’s closing price. Story (Niall McGee)
Caltex Australia says Couche-Tard offer undervalues it: Caltex Australia says a takeover proposal from Canadian convenience store operator Alimentation Couche-Tard Inc. undervalues it. But the board of the Australian petrol pump and convenience store operator has offered to provide Couche-Tard with selected non-public information to allow it to formulate a revised proposal, it said. Story (Reuters)
Saudi Arabia seeks deeper oil supply cuts ahead of Aramco IPO: OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said. The deal being discussed by the Organization of the Petroleum Exporting Countries and other producers, known as OPEC+, would add at least 400,000 barrels per day (bpd) to existing cuts of 1.2 million bpd or 1.2 per cent of global supply. Story (Reuters)
IN CASE YOU MISSED IT
The rental rush: Investors are scooping up apartment buildings — and tenants are getting squeezed
Institutional investors are scooping up Canadian apartment buildings, paying soaring prices even for dated towers. In a tight rental market, buyers ar jacking up the rents - and the tenants are getting squeezed. Story (Tim Kiladze)
The Streetwise newsletter is Monday to Friday. If you’re reading this on the web, or if someone forwarded this e-mail to you, you can sign up for Streetwise and all Globe newsletters on our signup page.