Here are the top reads,
AIMCo eyes tower: Alberta Investment Management Corp. is in talks to buy Edmonton’s newest office property, according to people familiar with the matter. The 27-storey Edmonton Tower was put on the market earlier this year. Story (Rachelle Younglai, for subscribers)
Restructuring: After two and a half testy years, Canadian pharmaceutical company Concordia International Corp., better known as “Baby Valeant,” has proposed a restructuring that will erase US$2.4-billion of its debilitating debt load and all but wipe out the shareholders who went on its wild ride. Story (Tim Kiladze, for subscribers)
Pot on the block: One of Canada’s biggest medical marijuana companies is on the block and conducting talks with some of its rivals that could lead to the creation of the country’s most valuable cannabis grower, sources say. Story (Christina Pellegrini, for subscribers)
Media sector: Montreal media company Stingray Digital Group Inc. is making a big bet on a mature industry with the purchase of Newfoundland Capital Corp. Ltd., Canada’s second biggest private radio broadcaster. Story (Nicolas Van Praet)
Fintech: The Ontario government is turning to Canada’s financial technology sector to help small businesses get better access to financing. On Wednesday, Lending Loop, a peer-to-peer online lending platform for small-business loans, announced a pilot project in partnership with Ontario that will provide $3-million of loans over the next two years. Story (Clare O’Hara)
Regulators: The B.C. venture capitalist who promised then failed to deliver millions of dollars for neuroscience research must make good on an unrelated $100,000 fine for fraud he owes the provincial securities regulator. Story (Allan Maki and Renata D’Aliesio)
FINANCIAL SERVICES WRAP
Earnings: Manulife Financial Corp reported an 18.3 per cent jump in first-quarter earnings on Wednesday as Canada’s largest insurer gained from robust demand in Asia. Story
Bitcoin: Most big banks have tried to stay far away from the scandal-tainted virtual currency bitcoin. But Goldman Sachs, perhaps the most storied name in finance, is bucking the risks and moving ahead with plans to set up what appears to be the first bitcoin trading operation at a Wall Street bank . Story
Conglomerates: He thinks of himself as a teacher, and to many he is an icon. But to Wall Street, Warren Buffett is something quite different. A disappointment. Tens of thousands of Berkshire Hathaway Inc. shareholders and fans may think otherwise as they flock to Omaha, Neb., this weekend to see Mr. Buffett, 87, and his long-time partner and fellow billionaire Charlie Munger, 94. Story
Shareholder votes: Goldman Sachs Group Inc leaders said more than 87 percent of shares were voted in favor of its executive pay at its annual shareholder meeting, and that a stock plan for employees was approved by more than 65 percent of votes cast. Story
Credit cards: Mastercard Inc topped quarterly profit estimates on Wednesday and raised its full-year revenue forecast, as it gained from higher consumer spending on credit and debit cards globally. Story
DEAL WRAPM
Canadian venture capital: Montreal-based Algolux, which develops autonomous vision and imaging technology, has raised a $12.84 million (US$10 million Series A led by General Motors (GM) Ventures. BetaKit
E-commerce sector: Amazon.com Inc has made a formal offer to buy 60 per cent of Flipkart, CNBC-TV18 reported on Wednesday, potentially complicating Walmart Inc’s bid for majority ownership of the Indian online retailer. Story
Canadian venture capital: PenderFund Capital Management’s new tech growth fund agreed to make its first investment, a $3 million stake in medical-imaging company Clarius Mobile Health, an executive at the Vancouver firm told Buyouts. PE Hub
WHAT WE’RE READING ELSEWHERE
IPOs: With surprise profits, Xiaomi aims for US$100-billion value in an initial public offering Bloomberg
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