Here are the top reads on deals and financial services over the last 24 hours,
Cross-border cannabis deal between Canopy Growth and Acreage confuses investors: A seminal deal in the cannabis sector that is confusing shareholders has forced U.S. company Acreage Holdings Inc. to address investor questions about its potential acquisition by Canadian giant Canopy Growth Corp. Story (Tim Kiladze, for subscribers)
Oxford Properties is selling stakes in four marquee hotels in Western Canada: Oxford Properties is planning to sell half of its ownership in the Fairmont Banff Springs, Chateau Lake Louise and two other resorts in the Canadian mountains, in what will likely be one of the biggest hotel deals in recent years. Story (Rachelle Younglai, for subscribers)
Investment Board executive as new chief financial officer: Investment Management Corp. of Ontario (IMCO), a money manager for small to mid-size pension plans, has hired a former finance executive from Canada Pension Plan Investment Board as its new chief financial officer. Kathy Jenkins assumed the role Wednesday, replacing the retiring Michel Paradis. Ms. Jenkins was a managing director at CPPIB for corporate finance for three years through 2018. Story (David Milstead, for subscribers)
CPPIB backs investor group in bid to end Bombardier’s dual-class share structure: Canada’s top pension manager is backing the idea of dissolving Bombardier Inc.’s dual class share structure, forcing the company onto the defensive as it hosts investors for its annual meeting Thursday. Canada Pension Plan Investment Board (CPPIB), which oversees assets worth about $368-billion and is one of Bombardier’s 25 biggest shareholders, says on its website it will vote in favour of a proposal by investor rights group Médac to end the two-class system. Story (Nicolas Van Praet, for subscribers)
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Manulife profit jumps nearly 19 per cent, boosted by growth in Asia: Manulife Financial Corp, Canada’s biggest insurer, reported an 18.8-per-cent increase in core earnings on Wednesday, boosted by strong growth in Asia. Story (Reuters, for subscribers)
Canadian banks launch Verified.Me digital identity network: Canada’s biggest banks marked the official launch of the Verified.Me digital identity network on Wednesday, following years of development and testing with their partner SecureKey Technologies Inc. Story (Canadian Press, for subscribers)
MORE DEALS NEWS
IN CASE YOU MISSED IT: ROB MAGAZINE
Onex’s art of the deal: For Gerry Schwartz, bland is good for business. But is it enough in the face of new challenges? Onex and its brilliant founder have an astonishing 35-year track record. The challenge for investors is figuring out what’s happening from year to year. ROB Magazine (David Berman, for subscribers)
The Liberals’ CMHC mortgage madness is another subprime crisis waiting to happen: Are you a first-time home buyer who is feeling priced out of the market? Don’t worry about saving more money – go see Cammy the Mortgage Closer instead. You probably know the agency, officially known as the Canada Mortgage and Housing Corp. (CMHC), as the federal mortgage insurer. But starting in September, it will also offer home loans to help property newbies just like you. ROB Magazine (Rita Trichur, for subscribers)
Why RBC is becoming the New England Patriots of Bay Street: It’s time to acknowledge that when it comes to investment banking, RBC Capital Markets is playing in a different league than its Canadian rivals. The deal-making arm of Royal Bank of Canada churned out $8.4-billion in revenue last year, almost as much as its second- and third-ranked domestic competitors put together. In the same way it seems preordained that football’s New England Patriots will be Super Bowl favourites every year, it now appears certain that RBC Capital Markets will make far more money than any other Bay Street dealer. ROB Magazine (Andrew Willis, for subscribers)
The Top 1000: Report on Business magazine’s exclusive ranking of Canada’s largest companies Rankings (for subscribers)
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