Here are the top reads on deals and financial services over the last 24 hours,
End of an era as Bombardier sells regional jet program to Japan’s Mitsubishi Heavy Industries: Bombardier has struck a deal to sell its money-losing regional jet program to Japan’s Mitsubishi Heavy Industries Ltd., bringing to a close the Montreal-based company’s commercial ambitions in aviation after a three-decade expansion. Mitsubishi will pay US$550-million in cash and assume liabilities worth about US$200-million for the Canadair Regional Jet (CRJ) program, the companies said in a joint statement Tuesday. Story (Nicolas Van Praet)
Land & Buildings acquires portion of Ontario Teachers’ Hudson’s Bay stake, as opposition to take-private bid grows: Opposition is building to a $1-billion offer to take Hudson’s Bay Co. private. U.S. hedge-fund firm Land & Buildings Investment Management LLC, an investor in HBC that has attacked the $9.45-a-share go-private bid as being too low, has bought up more shares of the retailer, said a source familiar with the situation. Land & Buildings acquired some of the HBC shares that Ontario Teachers’ Pension Plan sold at $9.45-a-share last week, said the source, who was granted anonymity by The Globe and Mail because the person was not authorized to speak publicly. Story (Marina Strauss)
CI Financial appoints Darie Urbanky as new president: Darie Urbanky has been appointed as CI Financial Corp.’s new president, effective immediately. Mr. Urbanky, who is also CI’s chief operating officer, has been with the company for 23 years. Over that time he has worked in a number of senior positions in technology and operations, which supported various departments across CI, including investment management, advisory and wealth management operations, sales and marketing, and corporate systems. Story (Clare O’Hara)
MORE FINANCIAL SERVICES NEWS
Three Chinese banks could lose access to US business after being found in contempt: Three large Chinese banks could lose their access to the U.S. financial system after a judge found them in contempt for refusing to comply with subpoenas in a probe into violation of North Korean sanctions, The Washington Post reported on Monday. Story (Reuters)
European watchdogs demand detail on Facebook’s cryptocurrency: Facebook Inc.’s fledgling cryptocurrency faced mounting scrutiny on Tuesday as European central bankers and regulators demanded more detail on the social-media giant’s Libra project. Story (Reuters)
MORE DEALS NEWS
Group Mach says bid for Transat does not need Quebec financing: Real estate developer Group Mach Inc. said on Tuesday its $527.6-million bid to acquire Canadian tour operator Transat AT Inc. does not need to rely on funding from Quebec, making the offer more attractive than Air Canada’s. Story (Reuters)
PG&E bondholders propose competing bankruptcy plan worth up to $30-billion: A committee of bondholders of PG&E Corp.’s utility unit on Tuesday proposed a bankruptcy reorganization plan that would inject up to Us$30-billion to help the California power provider emerge from Chapter 11 and pay off its liability from wildfires. Story (Reuters)
AbbVie to acquire Botox-maker Allergan in US$63-billion deal: Drug maker AbbVie Inc. said on Tuesday it would acquire Allergan PLC for about US$63-billion, giving AbbVie control over the lucrative wrinkle treatment Botox and buying time to seek new growth before its blockbuster arthritis treatment Humira loses U.S. patent protection. Story (Reuters)
IN CASE YOU MISSED IT
The rise of ETFs is making life miserable for Canada’s mutual fund industry: Canadian mutual-fund sales will never again outsell Canadian exchange-traded funds in a single year, according to Matt Hougan, chairman of Inside ETFs. The bold prediction was made last week during the Inside ETFs Canada conference in Montreal, as Mr. Hougan discussed the growth of the Canadian ETF market in comparison with the United States. Story (Clare O’Hara)
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