Here are the top reads on deals and financial services over the last 24 hours,
Hydro One: Ontario Premier Doug Ford ousted the board of directors and CEO at Hydro One Ltd. by threatening to rip up executive employment contracts at the utility, an aggressive approach that is expected to make it difficult to draft a new leadership team. Story (Andrew Willis, for subscribers)
Analysis: Welcome to the new Hydro One Ltd., a massive utility soon to be run by a second-rate CEO and a board of directors that is under the thumb of the Ontario government. That’s the future of the province’s electrical transmission network, as Premier Doug Ford’s election promise to replace the Hydro One board triggered the resignation of all 14 directors and the “retirement” of chief executive Mayo Schmidt on Wednesday. Opinion (Andrew Willis)
The package: Hydro One’s retiring CEO Mayo Schmidt can get a cash payment of more than $8-million to compensate him for stock awards he’d otherwise lose, plus bonus and pension payments approaching an additional $1-million, according to a Globe and Mail analysis of company documents. Story (David Milstead, for subscribers)
The stock: Several analysts downgraded their outlook for Hydro One Ltd. Thursday, while investors similarly showed their displeasure of the executive shakeup by driving down the price of the utility’s shares. The shares fell 6.2 per cent to a record low in early trading on Thursday before paring losses late in the day to end down 3.2 per cent. Story (David Berman, for subscribers)
FINANCIAL SERVICES NEWS
Brookfield: BFIN is expected to lose a top Canadian rainmaker, according to people familiar with the matter, a blow to Brookfield’s real estate brokerage firm that already lost a veteran deal maker and other key partners in Canada. Story (Rachelle Younglai, for subscribers)
DEALS NEWS
Transportation industry: Quebec-based Camso, an off-the-road tire maker, is being acquired by Michelin in a deal worth US$1.45-billion. Story (Salmaan Raooqui)
Tech sector: Chip maker Broadcom Inc.’s surprise bid to buy software company CA Inc. for US$18.9 billion wiped off the same amount from its market value on Thursday, with investors and analysts struggling to find a clear reason for the deal. Story
Media sector: Sky PLC shares leapt to an 18-year high on Thursday as investors bet a transatlantic battle for the European pay-TV group had further to run, after Comcast Corp.’s US$34-billion bid trumped an offer from Rupert Murdoch made just hours earlier. Story
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