Here are the top reads on deals and financial services over the last week. The next Streetwise newsletter will go out next Wednesday morning. Have a great long weekend.
Private equity: Anyone running a broken oil and gas company should give Adam Waterous a call. The Calgary-based money manager is out scouting for acquisitions after closing a $1.4-billion energy-focused private equity funding. Story (Andrew Willis, for subscribers)
Media consolidation: Television networks such as Global and CTV used to be a media equivalent of beach-front homes, irreplaceable properties that commanded premium prices. These waterfront estates are being swept away by digital storms, as demonstrated by the disappointing quarterly financial results this week by Global owner Corus Entertainment Inc. The board and management team at Corus started the process that saw investment bank TD Securities Inc. hired to scour the landscape for buyers of the Shaw stake, according to sources familiar with the process. Story (Andrew Willis, for subscribers)
Media: Shaw Communications Inc. has named Christy Clark to its board, landing the former British Columbia premier her second high-profile post-political life job in a month. The former leader of the B.C. Liberal party was hired as a special adviser to the law firm Bennett Jones LLP last month. Story (Christine Dobby, for subscribers)
Entertainment sector: The “strategic review” of DHX Media Ltd.’s options, including a sale of all or part of the company, has been extended beyond the company’s June 30 target date. Story (Tim Shufelt)
Mining sector: Paulson & Co., one of the world’s most influential precious-metals investors, is considering forcing a shareholder vote to replace Detour Gold Corp.’s existing board of directors, after the junior gold producer said its best option is pushing ahead with a controversial mine expansion, rather than putting the company up for sale. Story (Niall McGee, for subscribers)
Tim Hortons takeover: Despite complaints from dissident franchisees, Ottawa has decided that Restaurant Brands International Inc. has honoured the commitments it made to gain federal approval to acquire Tim Hortons. Unhappy franchisees had asked the federal government to investigate alleged breaches of promises that Tim Hortons’s owner had made to get approval for the takeover. Story (Marina Strauss, for subscribers)
Insurance: Manulife Financial Corp.’s Roy Gori has subjected the 131-year-old insurer to a steady stream of changes since he took over as chief executive officer nine months ago. On Wednesday, he set out to convince investors that these efforts are adding up to the “transformation” he has promised. Presentations focused on plans to tackle increased competitive pressures, shone a spotlight on unloved old business lines and explained why a new round of cost-cutting will have a greater impact than a similar-sounding effort several years ago. Story (Jacqueline Nelson, for subscribers)
Early-stage venture capital: After nearly two years in Canada, U.S. startup platform AngelList is extending a program here that lets angel investors more easily build “microfund” startup portfolios to draw private capital from a broader range of sources into early-stage Canadian businesses. Story (Josh O’Kane)
Fintech: A new challenger is charging into Canada’s credit card market, promising a fresh approach to consumer lending in a sector dominated by major banks and retailers. Brim Financial Inc. officially opens for business on Wednesday, launching a suite of new credit cards offering generous perks and loyalty rewards, paired with a tool to finance larger purchases from any merchant in instalments. Story (James Bradshaw, for subscribers)
Cannabis: With marijuana legalization only four months away, Bank of Montreal is elevating its exposure to the cannabis sector, dealing a potential blow to profits at Bay Street’s independent firms. Story (Tim Kiladze, for subscribers)
Lawyers: A second investment fund manager may be held responsible for do-it-yourself investors being charged millions of dollars in fees for advice they are not receiving, as a proposed class action is filed against Scotiabank’s investment management divisions. Story (Clare O’Hara)
Pension funds: Ontario Teachers’ Pension Plan is tapping two leaders from inside the fund to chart the course for its $189.5-billion portfolio. Ziad Hindo will step into the role of chief investment officer to oversee the fund’s overall investment direction, as well as the development of Teachers external relationships. Mr. Hindo joined the fund in 2000 and was most recently head of the capital markets group. Story (Jacqueline Nelson, for subscribers)
Bank capital requirements: Canada’s banking regulator has let it be known that the country’s largest banks must hold more capital on hand than had been disclosed – but the banks already knew that. Story (James Bradshaw, for subscribers)
Debt: Add Emera Inc. to the growing list of blue-chip Canadian companies suffering from a debt perception. Much like utilities Enbridge Inc., Hydro One Ltd. and AltaGas Ltd., Emera’s shares have taken a hit this year. Story (Tim Kiladze, for subscribers)
Investment bankers: Royal Bank of Canada has added 30-year industry veteran Laurence Grafstein to its ranks, as deputy chairman of global investment banking. Story (Alexandra Posadzki, for subscribers)
Venture capital: The Trudeau government has selected five fund-of-fund managers to make good on its pledge to continue supporting Canada’s venture-capital industry. Story (Sean Silcoff, for subscribers)
Wealth management products: Investment giant Vanguard has entered the mutual-fund industry in Canada, with a suite of four actively managed mutual funds that offer significantly lower management costs than what has been traditionally offered in the Canadian marketplace. Story (Clare O’Hara)
Mortgages: Syndicated mortgage loans for real estate projects developed by Fortress Real Developments Inc. are “under considerable stress,” and lenders could face “significant losses,” according to a new report from a court-appointed receiver. Story (Janet McFarland, for subscribers)
FRIDAY’S FINANCIAL SERVICES NEWS
International banking: Deutsche Bank investors took a largely long view on its failure in this year’s U.S. stress tests, with its shares recovering on Friday from a record low hit earlier this week. Story
FRIDAY’s DEALS NEWS
Chips sector: U.S. chip maker Qualcomm Inc on Friday extended the tender offer for its proposed US$44 billion deal to buy NXP Semiconductors NV for the 29th time as it awaits clearance from the Chinese government. Story
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