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Here are the top reads on deals and financial services over the last 24 hours,

Teachers names Jo Taylor new CEO; Ron Mock to retire: Ontario Teachers’ Pension Plan said its head of international investing will become its next leader when chief executive officer Ron Mock retires next year. Jo Taylor, currently Teachers’ executive managing director, global development, will become CEO on Jan. 1, the pension plan said Tuesday. Story (David Milstead)

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CIBC expands U.S. footprint with deal to buy boutique investment bank Cleary Gull: Canadian Imperial Bank of Commerce is adding to its expanded U.S. footprint by acquiring Cleary Gull, a boutique investment banking company based in Milwaukee. The deal, announced Tuesday morning, bolsters CIBC’s capacity to serve the middle market – privately owned companies that are the bread and butter of its U.S. commercial banking business – particularly in the U.S. Midwest. Story (James Bradshaw)

Acacia pushes Barrick to bump up takeover offer: Barrick Gold Corp. has been given more time to table a formal takeover bid for Acacia Mining PLC, as its London-based subsidiary pushes for a materially higher offer. Story (Niall McGee)

CIBC to launch exchange-traded bonds: CIBC World Markets says a new type of bond has opened up the debt markets to mid-sized companies seeking to issue debt without diluting existing shareholders’ stakes. Story (Alexandra Posadzki)

MORE DEALS NEWS

Cisco Systems buying Acacia Communications in US$2.8-billion deal: Network gear maker Cisco Systems Inc said on Tuesday it would buy optical component maker Acacia Communications Inc for US$2.84 billion in cash. Story (Reuters)

Richard Branson’s Virgin Galactic plans to go public by end of 2019: British billionaire Richard Branson’s Virgin Galactic plans a stock market listing by the end of the year, giving it the much-needed funds to take on Jeff Bezos’ Blue Origin and Elon Musk’s SpaceX in the race to space. Story (Reuters)

IN CASE YOU MISSED IT

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Why Murray Edwards keeps investing in Alberta’s oil sands: In one of the great contrarian investments of our time, billionaires such as Murray Edwards and Li Ka-Shing are pouring money into Alberta’s oil sands. While foreign energy companies were selling their oil-sands holdings and investors were purging domestic energy stocks from their portfolios, Mr. Edwards’s Canadian Natural Resources Ltd. (CNRL) and Li family-controlled Husky Energy Inc. have increased their stakes in the region. As part of a massive shift in ownership that has seen more than $37-billion of oil-sands assets change hands, CNRL dropped $16.5-billion to acquire properties from Devon Energy Corp. and Shell Canada Ltd., while Husky spent US$435-million on a heavy oil refinery last summer. Both companies are expected to keep investing. Opinion (Andrew Willis)

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