Here are the top reads on deals and financial services over the last 24 hours,
WeWork co-founder Adam Neumann gives up control, CEO role following investor revolt: WeWork co-founder Adam Neumann agreed on Tuesday to resign as chief executive and give up majority voting control, after SoftBank Group Corp. and other shareholders turned on him over a plunge in the U.S. office-sharing startup’s estimated valuation. Story (Reuters)
Waterloo tech company Kik shuts its popular app to focus on cryptocurrency dispute with SEC: Canadian technology startup Kik Interactive Inc. is shutting down its messaging app and laying off most of its staff as it looks to deploy its remaining resources on defending itself in a legal battle with the U.S. Securities and Exchange Commission over its cryptocurrency venture. Story (Alexandra Posadzki)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Aramco IPO unlikely this year after attacks on Saudi oil facilities: sources: Saudi Arabia is unlikely to list its state-owned oil giant Aramco this year after attacks this month on its facilities, two sources with direct knowledge of the company’s thinking said. Story (Reuters)
CPPIB exploring sale of stake in European car-park company: sources: Canada’s pension fund CPPIB has hired U.S. investment bank Citi to explore the sale of its 39 per cent stake in European car park manager Interparking, several sources close to the matter said. Story (Reuters)
Wealthsimple expands into tax software space with acquisition of SimpleTax: Wealthsimple says it has acquired a Canadian tax software company, marking the financial technology company’s first move outside of saving and investing. Story (The Canadian Press)
AB InBev Asia unit raises US$5-billion in revived Hong Kong IPO: Brewer AB InBev priced the Hong Kong IPO of its Asia-Pacific unit at the bottom of a marketed range to raise about US$5-billion, indicating deals in the pipeline may need subdued valuations to succeed as protests in the city unnerve investors. Story (Reuters)
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