A Bay Street sign is seen in Toronto in this file photo.© Mark Blinch / Reuters
Ontario utility Hydro One Ltd. moved into the U.S. natural gas and electrical transmission business Wednesday by acquiring Washington-based Avista Corp. for $4.4-billion. Story (Andrew Willis, Mark Rendell and Christina Pellegrini)
Proxy advisory firm Glass Lewis & Co. is recommending shareholders vote against the proposed takeover of Canadian forestry products company Tembec Inc. by Rayonier Advanced Materials, throwing more cold water on a deal that appears to be losing traction with investors. Story (Nicolas Van Praet)
Commentary: Are the OSC's no-contest settlements in the public interest? Story
Morgan Stanley beat Wall Street's profit expectations on Wednesday, reporting gains across most of its businesses and producing more trading revenue than rival Goldman Sachs Group Inc, a rare feat. Story
MORE DEALS
Travel company Transat A.T. Inc. has signed a deal to sell its 35 per cent share of Ocean Hotels for about $190-million. Story
U.S. spices maker McCormick & Co Inc has won the battle to buy Reckitt Benckiser Group's North American food business, paying a higher than expected $4.2-billion (U.S.) to add extra seasonings and sauces. Story
WHAT WE'RE READING
Can anyone bury Bloomberg? Story (Institutional Investor)
Hedge funds are on track to produce the biggest returns since the financial crisis. Story (Institutional Investor)
Five mistakes that can cost asset sellers time, money and bargaining power Story (PE Hub)
Teck Resources Ltd.'s latest credit-rating hike could signal a path back to investment grade after nearly two years in the junk pile. Story (Bloomberg)