Here are the top reads on deals and financial services over the last 24 hours,
Bay Street’s Sage Capital seeks to invest in small businesses with succession issues: The growing pool of private capital chasing small to medium-sized companies has added a prominent Canadian investor to the mix, with private equity executive Glen Silvestri running a search fund to bet on businesses facing succession issues. Story (Tim Kiladze)
HSBC warns of restructuring pain ahead as outlook darkens: HSBC Holdings Plc dropped its 2020 profit target, reported a sharp fall in earnings and warned of a costly restructuring, as interim chief executive Noel Quinn seeks to tackle its problems head-on in his bid for the full-time role. Story (Reuters)
Beyond Meat burgers part of falling Tim Hortons sales, though RBI earnings jump: Customer disinterest in Tim Hortons’ lunch choices weighed on sales in its latest quarter, although revenues at its parent company shot up thanks to the other two fast-food chains under the umbrella of Restaurant Brands International Inc. Story (The Canadian Press)
Beyond Meat expenses surge as manufacturing ramps up; shares fall: Beyond Meat Inc’s expenses more than doubled in the third quarter as the vegan burger maker ramped up manufacturing to meet booming demand for plant-based proteins. Story (Reuters)
Alphabet misses profit estimates as Google bets big on newer businesses: Google parent Alphabet Inc. missed analysts’ estimates for quarterly profit on Monday as it reported its highest-ever quarterly expenses, sending shares down about 1.2 per cent after hours even though revenue growth topped expectations. Story (Reuters)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
LVMH offers to buy Tiffany in US$14.5-billion deal: LVMH has offered to buy Tiffany & Co., known for its engagement rings and ties to Hollywood glamour, as the owner of Louis Vuitton and Bulgari seeks to expand in jewellery, one of the fastest-growing parts of the luxury-goods market. Story (Reuters)
Google parent Alphabet makes offer for wearable-device company Fitbit: sources: Google owner Alphabet Inc. has made an offer to acquire U.S. wearable device maker Fitbit Inc., as it eyes a slice of the crowded market for fitness trackers and smartwatches, people familiar with the matter said on Monday. Story (Reuters)
Investors return to Saudi Arabia as lucrative oil IPO looms: Lured by a long-looming stock offering of Saudi Arabia’s massive state-run oil company, investors and business leaders have returned to the kingdom’s capital for an investment forum that was overshadowed last year by the assassination of Washington Post columnist Jamal Khashoggi. Story (The Associated Press)
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