Here are the top reads on deals and financial services over the last 24 hours,
Canopy Rivers shares surge as stock goes public amid pot trading frenzy: Bruce Linton couldn’t have dreamt of a better time to take another cannabis company public. On Thursday, the co-chief executive of industry giant Canopy Growth Corp. listed shares of its sister firm Canopy Rivers Inc. on the TSX Venture Exchange amid a trading frenzy in pot stocks that has lifted valuations across the space for weeks. Mr. Linton, who’s also the acting CEO of Rivers, is hoping fans of Growth, whose Canadian shares are up 110 per cent since mid-August, will flood into Rivers. Story (Christina Pellegrini, for subscribers):
Fund managers play catch-up, fuelling cannabis trading frenzy: For some pot investors, big windfalls have turned into big problems. Story (Andrew Willis and Christina Pellegrini, for subscribers)
Torstar to buy news website iPolitics in effort to draw more subscribers: Torstar Corp. is buying iPolitics Inc., a news website based in Ottawa, in an attempt to bolster the content of the Toronto Star and the company’s other assets as it tries to draw more digital subscribers. Story (David Ebner, for subscribers)
Postcrisis reforms have strengthened the global financial system, but the job is far from complete: The massive interventions to end the crisis, restart growth and strengthen the resilience of financial systems have been successful in many respects. Global economic growth is now strong and financial systems appear more robust than before. But this is no time to let down our guards. Column
MORE FINANCIAL SERVICES NEWS
Money laundering: Danske Bank faces a new Danish investigation into alleged money laundering a day after revealing payments totalling €200-billion (US$234-billion) through its Estonian branch, many of which were suspicious. Thomas Borgen, Danske Bank’s chief executive, resigned on Wednesday after an investigation it had commissioned exposed failings in controls and compliance. Story
MORE DEALS NEWS
Auto sector: Hanon Systems, a South Korean auto parts maker, said on Thursday that it plans to buy Magna International Inc.’s fluid pressure and controls group, which includes electronic pumps and cooling fans, for about $1.23-billion. Story
Broadcast sector: A protracted US$34-billion bidding war for European broadcaster Sky between U.S. rivals Comcast and Twenty-First Century Fox is likely to be settled by a quick-fire auction on Saturday. Story
Skin-health unit for sale: Nestlé SA put its skin-health unit up for sale on Thursday, as the maker of Nescafe and Perrier water ditches underperforming businesses and fends off criticism from an activist investor demanding an overhaul. Story
Auto sector: Luxury British car maker maker Aston Martin is seeking a price tag of up to 5.1 billion pounds (US$6.7-billion) in its stock market debut next month and has geared up for any Brexit outcome, it said on Thursday. Story
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