Toronto investors proposing competing $58-million Torstar bid, sources say: Two investors are proposing to offer about $58-million for the company that publishes the Toronto Star newspaper in a competing bid that would up the ante on a friendly deal by about 14 per cent, according to sources familiar with the situation. (Jeffrey Jones, Sean Silcoff, Andrew Willis)
DavidsTea seeks creditor protection after COVID-19 fallout, looks to shutter some stores: The Montreal-based company announced on Wednesday that it is seeking protection under the Companies’ Creditors Arrangement Act as it significantly reduces its bricks-and-mortar retail presence. (Susan Krashinsky Robertson)
Buffett donates $2.9-billion of stock to Gates Foundation, family charities: Warren Buffett has donated roughly $2.9 billion of Berkshire Hathaway Inc stock to four family charities and the Bill & Melinda Gates Foundation, the latest but not largest contribution in his plan to give away his fortune. (The Associated Press)
Brooks Brothers files for bankruptcy as athleisure replaces button-down shirts: Apparel brand Brooks Brothers filed for Chapter 11 bankruptcy on Wednesday, joining a list of decades-old American retailers that have crumbled under the impact of the coronavirus crisis. (Reuters)
Walmart makes new push into health care with insurance business: The world’s largest retailer has created an insurance agency under the name “Walmart Insurance Services LLC” and is looking to hire agents in the Dallas area to sell Medicare insurance, starting in August, according to a post on its careers page. (Reuters)
Dutch banks join forces in fight against money laundering: Dutch banks ING, ABN Amro and Rabobank said they would join forces in the fight against money laundering by sharing transaction data. (Reuters)
Alstom to offer sale of French rail factory to win Bombardier unit buy, sources say: France’s Alstom SA will propose concessions to European regulators, including the sale of a French rail factory, in an effort to win early antitrust approval for its planned purchase of Bombardier Inc’s transportation unit, three sources familiar with the matter said on Wednesday. (Reuters)
IN CASE YOU MISSED IT
Ontario municipalities investing abroad after rule change: A group of Ontario municipalities has begun pooling investments and buying international securities, the first local governments in the province beyond Toronto to take advantage of a rule change allowing municipalities to diversify their portfolios into non-Canadian products. (Mark Rendell)
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