Here are the top reads on deals and financial services over the last week. The newsletter will be back on Wednesday morning. Have a great long weekend.
TOP READS FOR THE WEEK ON FINANCIAL SERVICES
Former mutual fund powerhouse CI Financial looks for a way forward: Not long ago, mutual funds were the way millions of middle-class investors got access to professional stock selection – and CI dominated. For years, it was considered the best managed and fastest-moving of the large Canadian fund companies. But the traditional fund business, which typically charges 2 per cent a year in fees on equity portfolios, is now in a fight for relevance. Story (Tim Kiladze and Clare O’Hara)
Thomson Reuters posts best revenue growth in over a decade: Thomson Reuters Corp. posted better-than-expected second quarter results Thursday, including its best organic revenue growth in a decade, prompting executives to boost their outlook for the rest of 2019 and 2020. Story (Megan Devlin)
OSC survey says middle class investors aren’t getting enough help from their financial advisors: The quality of advice the average investor is getting from financial advisers calls into question the fee structure for that profession, says a new report from the Ontario Securities Commission. Story (Alexandra Posadzki)
TOP READS FOR THE WEEK ON DEALS: MERGERS, ACQUISITIONS, IPOs AND FINANCINGS
Group Mach launches last ditch bid for part of Transat: Montreal real estate developer Group Mach Inc. has made an offer to buy almost 20 per cent of Transat A.T. Inc., with the intention of stopping Air Canada’s takeover of the airline and travel company. Mach said on Friday it will pay $14 per share for 6.9 million class B shares in Transat, higher than the $13 price Transat and Air Canada agreed to on June 27. Two-thirds of Transat shareholders must approve the $520-million Air Canada offer on Aug. 23. Story (Eric Atkins)
Baker’s $1-billion privatization bid ‘inadequate,’ HBC special committee says: A $1-billion privatization offer for Hudson’s Bay Co. from the retailer’s executive chairman is too low, the special board committee examining the bid said on Friday. The five-director committee said it had engaged real estate appraisers and planning consultants to help evaluate the offer from executive chairman Richard Baker, whose group controls 57 per cent of HBC shares. Story (Jeffrey Jones)
London exchange’s takeover of Refinitiv is not a done deal and much can still happen to complicate matters: The London Stock Exchange Group PLC’s US$14.5-billion, all-stock takeover of Refinitiv Holdings Ltd. is aimed at creating the world’s go-to markets operator and financial-data provider, elbowing Bloomberg LLC aside in the process. Opinion (Jeffrey Jones)
CannTrust hires investment bank to review strategic options, including possible sale: CannTrust Holdings Inc. has hired the Canadian arm of U.S. investment bank Greenhill & Co. as a financial advisor to conduct a “review of strategic alternatives,” including the possible sale of the company. Story (Mark Rendell)
Kinross Gold buys Russian gold development property for $283-million: Kinross Gold Corp has struck a US$283-million deal to buy a Russian gold development asset, its first gold acquisition in four years. Story (Niall McGee)
Dragons’ Den star’s startup gets $300-million to fuel growth of e-commerce companies: A Toronto startup co-led by Dragons’ Den star Michele Romanow that is aiming to transform how young e-commerce companies finance their growth has secured US$300-million in capital to fund its own expansion. Story (Sean Silcoff)
OTHER NEWS ON DEALS FROM FRIDAY
Foxconn considering sale of $8.8-billion China plant as trade war hampers demand: Taiwan’s Foxconn is exploring the sale of its new US$8.8-billion display-panel factory in China, people familiar with the matter said, as demand for the product wanes amid an intensifying U.S.-China trade war. Story (Reuters)
OTHER NEWS ON FINANCIAL SERVICES FROM FRIDAY
Power Financial second-quarter profit takes hit from sale of U.S. insurance business: Power Financial Corp. says its net earnings decreased 33 per cent in the second quarter on lower revenue and a substantial charge resulting from the sale of its U.S. individual life insurance and annuity business. Story (Canadian Press)
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