Here are the top reads on deals and financial services over the last 24 hours,
Dundee Corp. faces investor spat over preferred share repayment: With a deadline to repurchase some preferred equity looming, one of Dundee Corp.'s largest shareholders is turning vocal, setting the stage for a public spat between the company and its investors. Story (Tim Kiladze, for subscribers)
Tilray IPO blazed a trail few other cannabis companies will follow: Tilray Inc. chief executive Brendan Kennedy is a seriously smart guy. We’re talking Yale University MBA and the good sense to start investing in marijuana producers seven years ago, when legalized cannabis was something that only seemed possible after an evening in the basement with a bong. Story (Andrew Willis, for subscribers)
Pot shots: Investors shrug after prominent short-seller Citron Research takes aim at Tilray Inc., less than a week after sounding alarm on Cronos Group Inc. Story (Christina Pellegrini, for subscribers)
Canada’s pot ETFs are struggling to bring in new cash: Canada’s largest marijuana ETF is on a roll – but it’s not attracting cash like it used to. Story (Matt Lundy, for subscribers)
Loblaw sells its stake in Choice Properties REIT to George Weston: Loblaw Co. Ltd. is selling its sizeable real estate portfolio to parent company George Weston Ltd., turning the grocery chain into a pure-play investment on the retail sector and transforming George Weston into a more diversified holding company. Story (Tim Kiladze and Rachelle Younglai, for subscribers)
Essilor/Luxottica and the problems inherent in the longer road to merger approvals: As global M&A activity continues to grow, so too does the merger review timeline for complex multinational deals. In some cases, the review process can extend well over a year. Opinion (John Bodrug)
Proposed loosening of Volcker Rule unlikely to sway Canadian banks on proprietary trading: The proposed loosening of a U.S. rule that bars banks from risky stock transactions could lower compliance-related costs for some of Canada’s big financial institutions – particularly those with a significant presence south of the border – but they’re unlikely to dive back into proprietary trading. Story (Alexandra Posadzki, for subscribers)
MORE FINANCIAL SERVICES NEWS
Bank earnings: Laurentian Bank of Canada’s third-quarter earnings missed market expectations, hurt by costs related to restructuring, lower margins and a fall in residential mortgage sales, sending its shares to the lowest level since January, 2016. Story
Volcker Rule: U.S. regulators said on Tuesday they will giving the public an extra 30 days to comment on a proposed rewrite of the “Volcker Rule” banning proprietary trading by banks. Story (for subscribers)
Money laundering: Dutch bank ING Groep NV will pay €775-million (US$1.18-billion) in a settlement with prosecutors who accused its financial controls of being so poor that customers were able to easily launder money. Story
MORE DEALS NEWS
Australian deal: Canadian landlord Oxford Properties Group lobbed a last-minute A$3.3-billion ($3.1-billion) bid for Australian office owner Investa Office Fund on Tuesday, edging out an earlier offer from U.S. private equity firm Blackstone Group. Story
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