Here are the top reads on deals and financial services over the last 24 hours,
Trudeau briefed CEOs of Canada’s Big Five banks ahead of NAFTA deadline: Prime Minister Justin Trudeau briefed Canada’s top bankers in the days leading up to an 11th-hour breakthrough in talks that sealed the terms of a new, long-awaited U.S.-Canada trade deal. A series of calls the Prime Minister made to the chief executive officers of Canada’s five largest banks to provide updates and seek advice marked the culmination of months of back-channel communications between banks and government officials. Story (James Bradshaw, Andrew Willis and Tim Kiladze, for subscribers)
Husky launches $3.3-billion hostile bid for MEG Energy: Husky Energy Inc. has launched a $3.3-billion hostile takeover offer for MEG Energy Corp. in a bid to bolster its oil sands holdings with prices for the heavy crude in a slump. Husky said on Sunday that it would pay $11 in cash or 0.485 of a Husky share for each MEG share, a premium of 37 per cent over MEG’s closing price on Friday of $8.03 on the Toronto Stock Exchange. It would also assume MEG’s $3.1-billion debt. Story (Shawn McCarthy and Jeffrey Jones, for subscribers)
Husky investors give cool greeting to hostile takeover bid for MEG: Investors bailed out of Husky Energy Inc. shares on Monday after the company announced a $3.3-billion hostile takeover offer for MEG Energy Corp., an oil sands producer that has been hit hard by transportation bottlenecks. Husky shares were off $1.47 – or 6.5 per cent – to $21.21 as analysts said the acquisition would expose the company to the steep discounts that bitumen producers are forced to accept because of pipeline constraints. Story (Shawn McCarthy, for subscribers)
A white knight for MEG Energy? History’s not on its side: Husky Energy Inc.’s hostile bid for MEG Energy Corp. points to a familiar oil-patch story line, but it also spells the end of an era. MEG is the last of its breed, a pure-play oil sands producer with decent size. That’s because consolidation was forced on its sector of industry by a combination of low oil prices and high debt levels. Opinion (Jeffrey Jones, for subscribers)
Private equity investor Larry Tanenbaum plans to double sales of Coca-Cola products in Canada: Entrepreneur Larry Tanenbaum is betting there is life after sugar for Coca-Cola Co. by acquiring the global beverage company’s Canadian bottling and distribution network with plans to double the size of the business. Mr. Tanenbaum, co-owner of Toronto’s NHL, NBA, CFL and MLS franchises, teamed up with former NBA player Junior Bridgeman, who already owns a Kansas City-based Coca-Cola bottler, to purchase a country-wide beverage distribution network with 5,800 employees and 50 sales centres. Story (Andrew Willis, for subscribers)
CEO Jay Forbes launches turnaround of major leasing company Element Fleet: Turnaround expert Jay Forbes unveiled his fix for leasing company Element Fleet Management Corp. on Monday by announcing plans to improve customer service, wind down a troubled division, slash the dividend and raise $300-million in an equity offering. Story (Andrew Willis, for subscribers)
Refinitiv CEO aims to kick-start faster growth: David Craig says he’s running Refinitiv as “a $6-billion startup,” but as he begins to write the first chapter in the history of the new firm, he’s hardly starting from a blank page. Refinitiv, which is legally named Financial & Risk US Holdings Inc., is the result of a US$17-billion deal to spin it off from Thomson Reuters Corp. Story (James Bradshaw, for subscribers)
As he turns 90, Jim Pattison is still fine-tuning his business empire: Jim Pattison had a mission: Saskatchewan or bust. Determined to make the lengthy drive to the Prairie province from Vancouver, the B.C. billionaire embarked on his journey in mid-September, bound for his hometown of Luseland. Mr. Pattison, who turns 90 on Monday, also visited John Deere farm equipment dealerships and Save-On-Foods grocery stores under the Jim Pattison Group umbrella, gaining valuable insights into his vast business empire. The whirlwind trip served as a grassroots reminder that Jim Pattison Group can’t afford to stand still, he said in a wide-ranging, 90-minute interview with The Globe and Mail, days after returning from his adventure. Story (Brent Jang, for subscribers)
Canadian banks lose clout in Barrick deal: So long Royal Bank of Canada, hello Michael Klein. In what will be one of Barrick Gold Corp.’s largest deals in its history – the US$6-billion acquisition of Randgold Resources Ltd. – the Canadian mining company bypassed the country’s biggest lenders. Story (Rachelle Younglai, for subscribers)
MORE FINANCIAL SERVICES NEWS
People moves: The former chief executive of Scotiabank’s online bank Tangerine is now CEO of marijuana company CannTrust. The Ontario-based licensed medical cannabis producer says Peter Aceto has been appointed to the top job, effective immediately. Story
MORE DEALS NEWS
Oil industry: Encana Corp said on Monday it would sell its San Juan assets in New Mexico to privately held oil and gas producer DJR Energy Llc. Story
IPO: Luxury British car maker Aston Martin has cut the upper end of its initial public offering price range to 20 pounds per share, giving it a potential market value of up to 4.6 billion pounds ($6 billion), following mixed feedback from investors. Story
IN CASE YOU MISSED IT
CIBC CEO Victor Dodig’s vision: When Victor Dodig emerged as a dark-horse candidate to win the top job in 2014, Bay Street greeted him as a breath of fresh air. After four years under Mr. Dodig’s watch, however, a crucial question remains: When will his strategy move the needle for CIBC’s weary shareholders? Story (James Bradshaw, for subscribers)
Why earnings calls are useless—and how we can fix them: When Tesla CEO Elon Musk repeatedly flew off the handle during a quarterly conference call with financial analysts last May, he exposed major problems with those sessions. Musk said his executives would spend extra time answering questions—provided the questions were good ones. Such a proviso might suggest a willingness to be more transparent with investors, but that’s not what he meant. ROB Magazine (Rita Trichur, for subscribers)
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