Here are the top reads on deals and financial services,
Consolidator: After half a century under Desmarais-family control, Power Corp. of Canada wants investors to know it isn’t running out of steam – in fact, it’s planning a multibillion-dollar spending spree. Story (Jacqueline Nelson and Nicolas Van Praet, for subscribers)
Pot deal: Two of Canada’s largest legal growers of medical marijuana are tying the knot, striking a landmark deal with a record price tag. Story (Christina Pellegrini, for subscribers)
Pot deal analysis: During a news conference to unveil his signature deal, the chief executive of Aurora Cannabis Inc. was hailed as a “pioneer and visionary” by his executive team. Yet, when he was asked a simple question by an analyst, to explain which metrics he used to value his $3.2-billion takeover of MedReleaf Corp., Terry Booth got a little tripped up. Story (Tim Kiladze, for subscribers)
Real estate sector: H&R real estate investment trust has reached a deal to sell 63 U.S. retail properties for US$633-million, slashing its exposure to the retail sector across dozens of American cities. Story (Rachelle Younglai)
Entertainment sector: DHX Media Ltd. is selling almost half of its stake in the Peanuts franchise to pay down debt, as the company struggles to reverse its fortunes amid an ongoing “strategic review.” Story (Tim Shufelt and Jeffrey Jones)
Hedge funds: For Talbot Babineau, chief executive of hedge fund IBV Capital Inc., hunting down long-term investing opportunities is far from easy these days. Story (Jeffrey Jones, for subscribers)
DEAL WRAP
Health sector: Canadian investment firm Brookfield Asset Management made a $3.3 billion approach for Australian hospital group Healthscope, trumping a local buyout proposal and sending shares of the target up to a two-year high on Monday. Story
Takeover battle: Xerox Corp has scrapped a planned $6.1-billion deal with Fujifilm Holdings Corp in a settlement with activist investors Carl Icahn and Darwin Deason that also hands control of the U.S. photocopier giant to new management. Story
Media sector: CBS Corp filed a lawsuit on Monday to reduce the voting power of controlling shareholder National Amusements Inc, the movie theatre company owned by Sumner and Shari Redstone, in an act of defiance aimed at thwarting the Redstones’ plan to merge CBS with Viacom Inc . Story
Retail sector: News that Sears Holdings Corp. is exploring the sale of assets including Kenmore drove shares to a four-month high -- and has at least one analyst bracing for a possible bankruptcy. Story
WHAT WE’RE READING ELSEWHERE:
Listings: Canada’s biggest marijuana company has applied to become the first pot producer to list on the New York Stock Exchange. Story
IN CASE YOU MISSED IT
Money laundering: Experts are raising red flags about Canada’s securities industry, saying it is increasingly susceptible to money laundering. Yet despite numerous warnings from regulatory agencies, data obtained by The Globe and Mail show that many of the country’s securities dealers are not meeting federal rules aimed at rooting out financial crime – leaving them vulnerable to exploitation by criminals looking to hide dirty money. Story (Alexandra Posadzki, for subscribers)
Investment banking fees: Canada has long enjoyed a dubious distinction in capital markets. This is one of the most expensive places in the world for a company to raise money by selling stock. Royal Dutch Shell PLC took a sledgehammer to that convention this week, paying rock-bottom fees to its banks as it sold a $4.3-billion stake in Canadian Natural Resources Ltd. Story (Andrew Willis, for subscribers)
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