Here are the top reads on deals and financial services over the last 24 hours,
Encana widens North American reach: Encana Corp. is paying US$5.5-billion to add a new American oil-production region to its operations, saying the deal will lead to higher dividends and share buybacks. Story (Jeffrey Jones, for subscribers)
Manulife re-insures legacy liabilities: Manulife Financial Corp. has secured agreements to re-insure close to $13-billion worth of its legacy liabilities, allowing the Canadian life insurer to release $1-billion worth of capital that is backstopping the contracts. Story (Tim Kiladze, for subscribers)
MORE FINANCIAL SERVICES NEWS
Charges: Federal prosecutors filed criminal charges Thursday against a Malaysian financier and two former Goldman Sachs investment bankers who helped raise money for a Malaysian government investment fund from which about $4 billion disappeared. Story
Brexit: British Prime Minister Theresa May has struck a tentative deal with the European Union that would give U.K. financial services companies continued access to European markets after Brexit, the Times reported on Thursday. Story
MORE DEALS NEWS
Energy sector: The CEO of MEG Energy Corp. says shareholders should continue to ignore a hostile takeover bid by Husky Energy Inc. because “by their own admission, Husky can afford to pay a lot more.” Story
Retail sector: High-end jacket maker Canada Goose Holdings Inc. says it has snapped up fellow cold-weather gear producer Baffin Inc. as it looks to expand into footwear. Toronto-based Canada Goose said Thursday it will pay $32.5 million for Baffin, which focuses mostly on outdoor and industrial boots but added a clothing line in 2011. Story
IN CASE YOU MISSED IT
OpenText buys Georgia cloud company for $310-million: Hoping to deepen its cloud capabilities, Open Text Corp. has agreed to buy the Atlanta-area cloud data-management company Liaison Technologies Inc. for US$310-million. The Waterloo, Ont., software company announced the all-cash deal with its fiscal first-quarter 2019 results Wednesday afternoon. Story (Josh O’Kane, for subscribers)
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