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Here is the Report on Business annual Big Deals package of stories and tables about financing and investment banking (more news below):

Canadian cannabis deal makers shift their focus away from domestic acquisitions: The deal flow in the cannabis industry has shifted dramatically in the past year, thanks to Constellation Brands Inc.’s $5-billion investment in Canopy Growth Corp. and Altria Group Inc.’s $2.4-billion investment in Cronos Group Inc. Cannabis deal makers are now focusing on consumer packaged goods partnerships and international acquisitions, while fewer large Canadian cannabis producers seem interested in acquiring one another. Story (Mark Rendell and Alexandra Posadzki, for subscribers)

Rush of gold mining M&A reflects a return to ‘bigger is better’ thinking: The world’s biggest gold miners have done a 180. After the failure of past blockbuster mining deals, such as Barrick Gold Corp.’s $7.3-billion purchase of copper producer Equinox Minerals Ltd. in 2011, the industry mostly abandoned size as a measure of success, in favour of profitability. Over the past seven years, Barrick and others preached the gospel of the need to generate free cash flow, rather than increase production. But all of a sudden, the “bigger is better” mantra is back. Story (Niall McGee, for subscribers)

Big Law is back: Relief on Bay Street as corporate lawyers thrive: At the highest echelons of corporate law, the existential crisis has abated. Big Law is back – and in some ways, it’s doing better than ever. After several years of soul-searching, an era that included the collapse of Heenan Blaikie, a prominent Canadian shop, many of the largest corporate law firms such as Osler, Hoskin & Harcourt LLP and Torys LLP had banner years in 2018, although exact figures for revenue and profit are closely held, because law firms are privately owned. Story (Tim Kiladze, for subscribers)

Hostile takeovers in the oil patch complicated by extended deadlines, gyrating prices: In the oil patch, takeover deals are happening in slow motion. In some cases, that’s why they aren’t happening at all. Two recent takeover attempts stood out for surprise endings. The outcomes of both were influenced heavily by gyrations in Canadian oil and gas prices as deal-making efforts dragged on for months. Story (Jeffrey Jones, for subscribers)

The top M&A deals of 2018: Table

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

‘Snow-washing’: What leaked banking records show about Canada’s role in money laundering: Every year, billions of dollars obtained through corruption spin through the global economy – and Canadian-registered shell companies are a favoured mechanism for making that money clean. The Globe pored through documents obtained by a journalism non-profit to see how it works. Story (Mark MacKinnon, for subscribers)

Big banks lose market share after new mortgage rules implemented: Canada’s biggest banks lost market share in mortgage lending in Ontario last year after the federal government introduced its tougher new mortgage qualification rule. Teranet, which operates Ontario’s electronic land registry system, issued a report Monday saying the Big Five banks had 72.6 per cent of the Ontario market share by dollar value for new mortgages in 2018, a decline from 75.3 per cent in 2017. Story (Janet McFarland, for subscribers)

Barrick would consider dropping Newmont bid if joint venture talks successful: Barrick Gold Corp.’s chief executive officer says he is open to a joint venture with Newmont Mining Corp. to combine the companies’ Nevada operations instead of taking over the U.S. gold producer. On Monday, Newmont formally rejected Barrick Gold Corp.’s takeover offer, criticizing its “high risk” mine portfolio and its governance record, and calling out its new CEO, Mr. Bristow, for his inexperience in running a global mining company. Story (Niall McGee, for subscribers)

Newmont’s combative counterattack does not mean Barrick Gold is defeated: Barrick Gold’s lunge for Newmont Mining has officially gone hostile, extremely so, with Newmont formally rejecting the Canadian company’s US$17.8-billion offer and blasting its executive chairman, John Thornton, for shabby performance. But this is not the end of the story – don’t count Barrick out just yet. Opinion (Eric Reguly, for subscribers)

Onex taps ousted RBC executive Fleming for head of origination post: Onex Corp. has hired a former Royal Bank of Canada senior executive to help it expand a division that invests in higher-risk loans and debt securities. Onex, the Toronto-based private-equity firm with US$31-billion in assets under management, said it brought in Blair Fleming as head of origination at Onex Credit, to search for and evaluate middle-market type opportunities in the field. Story (Jeffrey Jones, for subscribers)

National Bank Financial’s head of technology investment banking leaving company: National Bank Financial’s head of technology, media and telecommunications investment banking is departing. After more than 20 years in the investment banking industry, Sanjiv Samant – head of technology, media, telecom, healthcare and sustainability banking – has decided to take some time off before pursuing other opportunities. Story (Alexandra Posadzki, for subscribers)

Cambridge cybersecurity firm raises US$47-million for hiring, automation: Cambridge, Ont., cybersecurity company eSentire Inc. has raised US$47-million from existing investors including New York private-equity giant Warburg Pincus LLC. The fundraising round is the company’s first since Warburg became eSentire’s majority owner a year and a half ago. Story (Josh O’Kane, for subscribers)

Lawyers for affected Quadriga users say appointment of restructuring officer should be delayed: Lawyers for the users of Canadian cryptocurrency exchange QuadrigaCX say the court should delay appointing a chief restructuring officer. Quadriga was granted creditor protection last month after the death of its chief executive, Gerald Cotten. Story (Alexandra Posadzki, for subscribers)

Investors cheer as Power Corp and its entities buy back shares: Power Corp. of Canada and two of its publicly traded entities announced that they will buy back a massive swath of their own shares, sending share prices higher but raising the question of what the announcement means for future acquisitions. Power Corp., a holding company that has a 65.5 per cent stake in Power Financial Corp., will repurchase as much as $1.35-billion worth of its own shares, representing about 10 per cent of the current value of the company. Power Financial will repurchase up to $1.65-billion worth of its own shares, and Great-West Lifeco Inc., a subsidiary of Power Financial, will buy back up to $2-billion worth of its shares. Story (David Berman, for subscribers)

Silicon Valley Bank to set up shop in Canada: Canada’s banking regulator has granted Silicon Valley Bank a licence to operate in the country, clearing the way for the California-based lender to solicit business and lend to technology and life sciences companies north of the border. The Santa Clara-based bank, also known as SVB, has US$57-billion in assets and caters to high-tech and life sciences companies from early-stage startups to more mature businesses. Story (James Bradshaw, for subscribers)

You shouldn’t need to be a man to get venture capital funding in Canada: Think everyone with a great idea gets a fair shake in the world of venture capital? Think again. According to new data, companies founded by women received just 2.2 per cent of the venture capital money invested in the United States in 2018. That’s down from the 2.5-per-cent level reported for 2017. Opinion (Arlene Dickinson)

Will Hydro One become Ford’s version of Ontario’s gas plant scandal?: Former Ontario premier Dalton McGuinty’s reputation was tarnished by his government’s mishandling of the province’s electricity market. His politically motivated decision to cancel development of two gas-fired power plants turned into a $1.1-billion boondoggle. Opinion (Andrew Willis, for subscribers)

You can draw a straight line from that debacle to Mr. McGuinty’s exit from politics to the political problems of Premier Doug Ford.

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