Here are the top reads,
Sector coverage: Bank of Montreal is pushing deeper into the marijuana sector by assigning an analyst to cover the space and holding its first cannabis conference at the end of May. Story (Christina Pellegrini, for subscribers)
Compensation: It didn’t pay to get fired at Bank of Nova Scotia over the past two years, compared with the other big banks. That’s a tough break for senior executives at Canada’s most global bank, but good news for investors. Story (Andrew Willis, for subscribers)
Advisers: Toronto-Dominion Bank has taken unusual steps to discourage some clients from investing in the marijuana sector. The bank is limiting the ways in which its advisers discuss the industry with clients, banning staff from recommending almost all marijuana firms and exchange-traded funds (ETFs), according to a recent internal e-mail viewed by The Globe and Mail. Story (Clare O’Hara and Christina Pellegrini, for subscribers)
FINANCIAL SERVICES WRAP
New CEO: Christian Sewing must quickly come up with a coherent strategy for Deutsche Bank after the retail banking veteran was promoted to chief executive of Germany’s largest lender. Story
GOVERNANCE
Shareholder spat: Cation Capital, a private investment firm led by the former deputy head of global oil and gas at Macquarie Group, said on Monday it intends to nominate four candidates to Crescent Point Energy’s board at a shareholders meeting next month. Story
DEAL WRAP
Takeover approvals: German drug and crop chemicals maker Bayer’s US$62.5 billion bid to acquire U.S. seeds company Monsanto Co has won approval from the U.S. Justice Department, the Wall Street Journal reported on Monday, citing people familiar with the matter. Story
Sharing economy: Ride-hailing company Uber Technologies Inc. said on Monday it has agreed to buy electric bicycle service JUMP Bikes, allowing Uber to offer U.S. passengers an alternative to cars and further consolidating the crowded bike-sharing industry. Story
Media sector: Viacom Inc has asked CBS Corp to sweeten its merger bid by about US$2.8 billion, or almost a quarter more than CBS’s offer, three people familiar with the matter said, indicating the wide gap in the U.S. media companies’ price expectations. Story
Industrial sector: Fulcrum Capital Partners has acquired an undisclosed stake in Accucam Machining in partnership with Accucam founders, Nick Eelhart and Steve Gallant. Private Capital Journal
IN CASE YOU MISSED IT
Compensation: Royal Bank of Canada CEO David McKay took heat Friday from shareholders for last year’s $13.4-million paycheque. “How big does your house have to be? How many luxury cars do you have to drive?” complained an investor named Nick when he took the microphone at the bank’s annual meeting. He then tempered the criticism by explaining it was simply the breathtaking size of the CEO’s pay package he objected to; he was happy with the performance of Mr. McKay and his team. Story (Andrew Willis, for subscribers)
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