Here are the top reads on deals and financial services over the week. Have a great weekend,
Utilities: The mass resignations at Hydro One Ltd. are causing multiple stumbling blocks in the company’s proposed acquisition of U.S. utility Avista Corp., as state regulatory commissions are postponing their decisions, and states that already blessed the deal are mulling revisiting their approvals. Story (David Milstead, for subscribers)
IPO: Shares of Tilray Inc. jumped more than 20 per cent on Thursday morning after the Canadian cannabis grower raised US$153-million in its initial public offering. Story (Christina Pellegrini, for subscribers)
IPO background: For Tilray Inc., one of Canada’s oldest and largest legal producers of medical cannabis, it’s been a long road to the stock market. Story (Christina Pellegrini, for subscribers)
Mining: Should Detour Gold Corp. ever hang out a for-sale sign, a handful of large, respected rivals are expected to show interest, according to analysts at CIBC World Markets. At the top of the list are Barrick Gold Corp. and Goldcorp Inc. Story (Tim Kiladze, for subscribers)
Bank stocks: Analysts at RBC Dominion Securities have upgraded their recommendation on Bank of Montreal to “outperform” from “sector perform,” and investors who follow our strategy of buying laggard bank stocks will no doubt applaud the move. Story (David Berman, for subscribers)
Personal banking: The cost of making online banking safer means losing a little of the “anywhere, any time” convenience that makes it so great. You can see this trade-off in the reaction to a security process called two-step authentication that Toronto-Dominion Bank has been rolling out for the past couple of months. Opinion (Rob Carrick)
Taxes: A battle has erupted between the Canada Revenue Agency and day traders who argue that they’ve been unfairly targeted to repay millions of dollars in unpaid taxes because of their use of tax-free savings accounts. Story (Clare O’Hara, for subscribers)
Cannabis: Aurora Cannabis Inc.’s takeover of MedReleaf Corp. is set to close next week after shareholders of both cannabis growers voted on Wednesday to approve the $3.2-billion acquisition. Story (Christina Pellegrini, for subscribers)
Venture capital: Two Business Development Bank of Canada venture capitalists are setting out with their own independent fund backed by tens of millions of dollars from U.S. fund giant Fidelity Investments, the first step in a significant shift by the federal agency in how it finances Canada’s growing technology sector. Story (Sean Silcoff, for subscribers)
Mining sector: Paulson & Co. says Detour Gold Corp. has been approached by a “major mining company” interested in buying it. New York-based Paulson, which owns about 5.5 per cent of Detour, is also pressing ahead with its efforts to push for a rehaul of Detour Gold’s board of directors, with the ultimate objective of putting the struggling junior up for sale. Story (Niall McGee, for subscribers)
U.S. expansion: The oil and gas sector has fallen out of favour with many investors, but top bankers at BMO Nesbitt Burns say the rhetoric about it being a “sunset industry” is overblown. In fact, the Bank of Montreal-owned investment dealer sees an opportunity to snap up market share in the U.S. energy sector as other investment banks retreat, Pat Cronin, the chief executive of BMO’s capital markets arm, told The Globe and Mail in an exclusive interview. Story (Alexandra Posadzki, for subscribers)
Real estate sector: Commercial realtor Avison Young, backed by a cash infusion from Quebec’s largest pension fund, is going on an acquisition spree to establish itself as a major player in Europe, Asia and Australia. Story (Rachelle Younglai, for subscribers)
Mining sector: Junior base-metals miner Nevsun Resources Ltd. says Lundin Mining Corp.’s latest $1.4-billion takeover proposal undervalues the company, but Nevsun stopped short of slamming the door on its suitor this time, saying talks will continue. Story (Niall McGee, for subscribers)
Training: The burgeoning asset class of cryptocurrencies has been given a boost in credibility thanks to the CFA Institute expanding its global curriculum to include courses in blockchain and virtual currencies. Story (Clare O’Hara)
Wealth industry: Regulatory proposals that outline changes to the way financial advisers provide investment advice and to the products being sold to retail clients may force smaller wealth-management firms out of business, according to the head of an investment industry association. Story (Clare O’Hara)
Investment banking: The Royal Bank of Canada is beefing up its investment-banking presence in the U.S. and Europe as it braces for disruption stemming from a tide of protectionism sweeping the world. Story (Alexandra Posadzki, for subscribers)
Gambling industry: Three U.S. gambling companies are in the final round of bidding for a pair of Niagara Falls casinos put on the block last year by an Ontario government agency, after Canadian rivals dropped out of a game that got too rich. Story (Andrew Willis, for subscribers)
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