Here are the top reads on deals and financial services over the last few days,
Investment firm backed by China’s Jiangxi Copper takes 10.8-per-cent stake in Canada’s First Quantum: An investment firm backed by Chinese state-owned Jiangxi Copper Company Ltd., has amassed a 10.8-per-cent stake in First Quantum Minerals Ltd., sending shares of Canada’s biggest copper miner sharply higher. In September, The Globe and Mail reported that Vancouver-based First Quantum had hired bankers to fend off a potential takeover bid from Jiangxi Copper after the price of its stock had fallen over the past few months. Story (Niall McGee)
Barneys enters deal to sell assets to Authentic Brands, B. Riley for $271-million cash: U.S. luxury department-store chain Barneys New York Inc has reached an agreement to sell its assets to brand developer Authentic Brands Group and investment bank B. Riley Financial Inc, a court document showed. Story (Reuters)
Aramco reportedly delays planned IPO so it can offer clarity on earnings: Saudi Aramco has delayed the planned launch of its initial public offering (IPO), the Financial Times reported on Thursday, citing three people familiar with the matter. The world’s largest oil firm was to announce plans next week to float a 1 per cent to 2 per cent stake on the kingdom’s Tadawul market before a possible international listing, according to Reuters. Story (Reuters)
Saudi Arabia plans bumper Aramco IPO, relying on easy loans and rich locals: Saudi Arabia is setting the stage for a blockbuster listing of state oil giant Saudi Aramco in Riyadh, relying on easy credit for retail investors and pushing rich locals to invest with cash held abroad to achieve a $2-trillion valuation target. Story (Reuters)
U.S. FCC approves merger of T-Mobile, Sprint on vote split on party lines: T-Mobile US Inc.’s proposed US$26.5-billion tie-up with Sprint Corp. won formal approval from the Federal Communications Commission on Wednesday in a vote split along party lines, two sources told Reuters. Story (Reuters)
IN CASE YOU MISSED IT
Torys law firm names first new leader in 21 years: Torys LLP, one of Canada’s top law firms for mergers and acquisitions, has named its first new leader in 21 years, with private-equity specialist Matt Cockburn poised to take over as managing partner. Story (Andrew Willis and Christine Dobby)
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