Here are the top reads on deals and financial services over the last 24 hours,
Ontario PCs finally outline reasons for mutual fund fee opposition, citing U.K. example: After unexpectedly weighing in on a national review of mutual fund fees, Ontario’s Finance Minister finally offered a glimpse into the government’s thinking on Tuesday, citing fears about the unintended consequences of any commission changes. On Sept. 13, the same day the Canadian Securities Administrators (CSA) formally proposed fee changes, including eliminating early-withdrawal penalties on mutual funds known as deferred sales charges (DSCs), Vic Fedeli released a statement that took issue with the recommendations – and seemed to target the decision on DSCs specifically. Despite throwing what had been a nationwide, six-year fee review into disarray, the government said little else that day, and remained silent for weeks after. Story (Tim Kiladze and Clare O’Hara, for subscribers)
CIBC removes fossil-fuels restriction for its Women in Leadership bond: Canadian Imperial Bank of Commerce has removed a contentious restriction that would have prevented loans to energy companies from being included in its new bond offering aimed at bolstering female leadership. Story (Alexandra Posadzki and Jeffrey Jones, for subscribers)
Utility IPO: AltaGas Ltd. aims to raise up to $297-million for the initial public offering of its regulated Canadian utility business, proceeds that are earmarked for reducing debt. AltaGas plans to sell 16.5-million shares in the new entity, to be called AltaGas Canada Inc., and has given a price range of $15.50-$18 a share, according to a newly filed preliminary prospectus. That puts the expected proceeds from the IPO at $256-million to $297-million. Story (Jeffrey Jones, for subscribers)
CMHC says latest stress test shows it could withstand major debt crisis: Canada’s federal mortgage insurer says it could withstand a significant household debt crisis that would lead to the failure of a major Canadian financial institution and an almost 50-per-cent drop in home prices. Canada Mortgage and Housing Corp. (CMHC) released the results on Tuesday of its annual stress-testing exercise, measuring the potential financial effects on the agency if a series of severe events were ever to occur. Story (Janet McFarland, for subscribers)
MORE FINANCIAL SERVICES NEWS
Danske scandal: The European Parliament has invited the whistleblower who helped reveal suspected money laundering at Danske Bank to testify on Nov 21 before its special committee on financial crimes, tax evasion and tax avoidance. Story
MORE DEALS NEWS
Paper and pulp sector: Resolute Forest Products Inc. says it has reached a deal to sell a pulp and paper mill in South Carolina for about $385-million to New-Indy Containerboard LLC. Story
Retail sector: Walmart Inc on Tuesday said it will acquire Eloquii, a fashion startup that sells plus-sized clothing, for an undisclosed amount as it continues to look for ways to appeal to younger shoppers and differentiate from rival Amazon.com Inc. Story
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