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Here are the top reads on deals and financial services over the last 24 hours,

Regulation: Alberta’s securities regulator is seeking to block prominent short seller Marc Cohodes from trading in securities of Badger Daylighting Ltd., escalating a bitter feud between the oil-field services company and the U.S. investor. The Alberta Securities Commission (ASC) said Thursday that it is seeking the interim order on grounds that Mr. Cohodes has misrepresented Badger’s business – including allegations of illegal dumping – to support his short position in the stock. Story (Jeff Lewis, for subscribers)

Gas sector: Cenovus Energy Inc. is selling liquids-rich natural gas assets in northwestern Alberta to NuVista Energy Ltd. for $625-million in the latest in its series of asset sales aimed at reducing debt. Story (Jeffrey Jones)

Wealth management: CI Financial Corp., one of the country’s largest investment managers, is slashing its dividend nearly in half in a move it said will improve flexibility amid intense competition across the Canadian wealth management industry. Story (Tim Shufelt, for subscribers)

Energy sector: Ontario Power Generation is pursuing expansion in the United States as the Crown-owned utility faces uncertainty over Premier Doug Ford’s pledge to cut electricity rates. OPG announced on Thursday that it is purchasing Eagle Creek Renewable Energy LLC – which owns 63 small hydroelectric stations in 13 states − for US$298-million, marking the provincially owned utility’s first expansion outside the province. Story (Shawn McCarthy)

Mining sector: Nevsun Resources Ltd. is urging its shareholders to reject Lundin Mining Corp.’s $1.4-billion takeover offer, claiming it is too low and arguing that superior bids are likely to surface soon, now that the company has started a strategic review. Story (Niall McGee, for subscribers)


Credit cards: Major credit card companies have struck an agreement with the federal government to trim the fees they charge to merchants in a move Ottawa hopes will provide a boost to small businesses. Ottawa announced Thursday it has reached voluntary, five-year deals with Visa, MasterCard and American Express by about 10 basis points. Story

Earnings reaction: Shares in Sun Life fell as much as 4.2 per cent on Thursday after analysts expressed concern about the performance of its U.S. asset management business, MFS Investment Management. Story

Life insurance earnings: Two of Canada’s biggest insurance companies on Wednesday reported second-quarter earnings which beat market expectations, benefiting in part from strong growth in Asia. Story


Regulation: The U.S. Securities and Exchange Commission is intensifying its scrutiny of Tesla Inc.’s public statements in the wake of Elon Musk’s provocative tweet Tuesday about taking the electric-car company private, according to two people familiar with the matter. Story

Media sector: Donerail Group, an investment firm led by former activist hedge fund Starboard Value LP executive Will Wyatt, is in talks to acquire Tronc Inc, the publisher of Chicago Tribune, people familiar with the matter said on Thursday. Story

Food sector: Billionaire investor Daniel Loeb and fellow Campbell Soup Co. shareholder George Strawbridge on Thursday called for a sale of the iconic U.S. food company best known for its canned soups, according to a regulatory filing. Story

IPOs: Uber will have to navigate around a new regulatory pothole in New York on an already bumpy road to its initial public offering of stock next year. Story

Merger off: Drug store chain Rite Aid Corp and U.S. grocer Albertsons Companies Inc. agreed to terminate their merger agreement, the companies said on Wednesday, a little over 10 days after a shareholder advisory firm opposed the deal. Story

This one is off, too: Tribune Media Co. terminated its US$3.9-billion sale to Sinclair Broadcast Group Inc. on Thursday and sued Sinclair for breach of contract, claiming the rival TV-station owner mishandled efforts to get the transaction approved by taking too long and being too aggressive in its dealings with regulators. Story

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 22/05/24 4:00pm EDT.

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Cenovus Energy Inc
Cenovus Energy Inc
CI Financial Corp
Tesla Inc

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