Here are the top reads on deals and financial services over the last 24 hours,
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Obsidian Energy exploring strategic alternatives including possible sale of company: Obsidian Energy Ltd. said it’s exploring "strategic alternatives” after a key asset sale fell through, but environmental liabilities and a heavy debt load will make it challenging for the struggling Calgary oil producer to find a buyer. Story (Alexandra Posadzki)
Catalyst boosts HBC stake as it battles take-private bid: Catalyst Capital Group Inc. has amassed a 16-per-cent stake in Hudson’s Bay Co. as the Toronto-based private-equity firm seeks to stymie a privatization bid from the retailer’s executive chairman. Story (Jeffrey Jones)
Woodside seeks a buyer for its stake in Kitimat LNG project: Australian oil and gas producer Woodside is seeking to reduce its stakes in the Scarborough gas field at home and in Canada’s Kitimat liquefied natural gas (LNG) project to cut its capital exposure, its chief executive told Reuters on Tuesday. Story (Reuters)
WeWork IPO valuation likely below $20-billion, clouding SoftBank’s vision: WeWork owner The We Co. is considering slashing the valuation of its planned stock market launch to below $20 billion, two people familiar with the matter said, the latest blow to leading tech investor SoftBank Group after limp flotations of Uber and Slack. Story (Reuters)
Saudi Aramco prepared for foreign float alongside main domestic listing: Saudi Aramco is primed to float on international markets to complement a planned primary listing at home, the Saudi Arabian oil giant’s chief executive said on Tuesday. Story (Reuters)
FINANCIAL SERVICES NEWS
JPMorgan lowers interest-income outlook, following similar moves by Wells Fargo, Citigroup: JPMorgan Chase & Co lowered its outlook for 2019 net interest income by about $500-million on Tuesday, following similar moves by rival big banks Wells Fargo & Co and Citigroup Inc. Story (Reuters)
U.S. banks temper net interest income view, cite potential rate cuts: U.S. bank executives struck a cautious tone on Monday as they updated investors on how lower interest rates and an inverted yield curve would affect the year’s profits. Story (Reuters)
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