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Streetwise newsletter: Liquor Store loses proxy battle; Caisse’s $2-billion stake in GE aircraft unit

A Bay street sign is seen in Toronto’s financial district.

Mark Blinch/The Globe and Mail

Liquor Stores loses proxy battle ahead of annual meeting

Liquor Stores N.A. Ltd. said on Monday that six out of its eight directors would not stand for re-election at the Edmonton-based retailer's annual meeting after a month-long proxy battle. Story (Christina Pellegrini)



Investment could grow in new GE aircraft entity, Caisse CEO says

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Caisse de dépôt et placement du Québec's chief executive said his Canadian fund's $2-billion investment with GE Capital Aviation in a new aircraft leasing entity could increase over time. Story




This is the daily Streetwise newsletter with headlines chosen by Globe financial services editor Rita Trichur. If you’re reading this on the Web or someone forwarded this e-mail newsletter to you, you can sign up for the Streetwise newsletter and all Globe newsletters


DAILY DEALS

A U.S. activist shareholder ramped up the pressure on Hudson's Bay Co. to sell, spin off or redevelop parts of its vast real estate portfolio as the Canadian retailer struggles with deepening losses. Story (Rachelle Younglai)



Blue Apron Holdings Inc began marketing an initial public offering (IPO) on Monday, as an already competitive meal-kit industry faces a potential threat from Amazon.com Inc's plan to buy Whole Foods Market Inc. Story



FROM THE ANALYSTS

More consolidation is coming in the groceries industry, with the bulk of it happening in the United States, says Patricia Baker, analyst at Scotia Capital, following Amazon.com's proposed purchase of Whole Foods Market Inc. last Friday.

"The best run grocers will build scale and will bear less of the impact, while weaker players have their backs to the wall," she wrote in a research note. "Scale has just become even more important and the smaller players will likely be seriously disadvantaged as a result."

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She believes Kroger Co. will be a likely participant in the consolidation play, but that even it may be a target. She noted that Kroger's market capitalization had contracted by $22-billion (U.S.) from the end of 2015, to $19.7 billion (U.S.) at the time of her writing. "It is intriguing to think that $115-billion in sales could be scooped up for as little as $25-billion to $30-billion."

She also does not rule out another bidder for Whole Foods, noting the Amazon offer is a 27-per-cent premium to prior day close, but only an 18-per-cent premium to Wednesday's close last week.

"Consider as well the takeout price is at only one third of Whole Food's all-time high," she said.

"We think strategic buyers can afford more." - Staff



ELSEWHERE IN FINANCE

CBRE Group's agreement to acquire a majority stake in Caledon Capital Management promises to boost the Toronto investment manager's access to institutional clients and deals worldwide. Story

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Montreal-based Mylo has acquired Tactex Asset Management in a push to launch and manage its own investment funds. With the acquisition, Mylo will also acquire Tactex's client asset book of $110 million and nine portfolio managers. Story

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