Here are the top reads on deals and financial services this week.
Barrick Gold sweetens offer, Acacia agrees to takeover deal in Tanzania: On Friday, Barrick announced plans to acquire the 36.1 per cent of Acacia it doesn’t already own for US$428-million by paying 0.168 of its own stock for each Acacia share. Story (Niall McGee)
Caldwell Investment Management to pay $1.8-million in settlement with OSC for overcharging mutual fund clients: Caldwell Investment overcharged mutual fund clients by directing trades to its wholly owned dealer, Caldwell Securities Ltd., instead of rival firms offering better prices on commissions, the OSC said. Story (Megan Devlin)
Onex sells Jack’s Family Restaurants for an undisclosed amount and triples its investment: Burgers, chicken and biscuits from Birmingham, Ala., have yielded big bucks for Onex Corp. Story (David Milstead)
Tanzania threatens Acacia’s North Mara mine as Barrick bid deadline set to expire: Acacia Mining Plc is facing a new threat to its African gold-mining operations, as it pushes for a higher takeover offer from parent company Barrick Gold Corp. Story (Niall McGee)
Caisse, Bombardier family pour more money into McInnis cement plant: Canadian pension fund giant Caisse de dépôt et placement du Québec is pouring more money into McInnis Cement after efforts to sell the controversial Gaspé Peninsula project last year failed to result in a deal. Story (Nicolas Van Praet)
Aimia’s lead airline partner threatens to sever relationship: Grupo Aeromexico, Mexico’s leading airline, is threatening to sever ties with Canada’s Aimia Inc., opening a second front for the Canadian loyalty-plan provider to fight after a board battle erupted over the past week. Story (Tim Kiladze)
Top shareholder fires back at Aimia in board battle following Aeroplan’s sale: Aimia Inc.’s largest shareholder is firing back at the loyalty rewards company after two new directors were appointed, setting up a public clash between the New York-based fund and the company’s leadership. Story (Tim Kiladze)
Pipeline delays have helped Canadian Pacific reach better contracts with producers, CEO says: Delays in building new pipelines have reshaped the volatile business of hauling Alberta crude by train into one with a longer, more lucrative horizon, says Keith Creel, chief executive officer of Canadian Pacific Railway Ltd. Story (Eric Atkins)
Non-bank lenders attract wave of money, CMHC report on mortgages says: Mortgage Investment Corporations have provided billions of dollars in new lending to Canadian home buyers since 2016 as tougher mortgage qualification rules have driven far more business to private lenders, according to a new report from Canada’s national housing agency. Story (Janet McFarland)
Freshii appoints new CFO: Healthy fast-food chain Freshii Inc. appointed a new chief financial officer Tuesday, as it seeks to rebuild investor confidence after a long streak of disappointing results. Story (Joe Castaldo)
Saskatoon software star Vendasta raises $40-million as it anchors flourishing tech sector: Brendan King ran a clothing store in the 1980s, sold IBM clones in the 1990s, joined Canada’s top-ranked dot-com business in 2000 and now runs one of Canada’s most successful cloud software scaleups, a fast-growing company called Vendasta Technologies Inc. that’s on track to generate almost $40-million in revenue this year. Story (Sean Silcoff)
Maxar sale of MDA unit could raise sovereignty concerns: Maxar Technologies is said to be seeking a billion-dollar deal to sell its MDA unit to help out Maxar’s financial struggles, and that could include foreign bidders. An old worry is cropping up: Such a transaction could put MDA’s stable of space, defence, maritime, satellite imagery and communications technology at risk of being transferred, once again, to foreign owners – where it really shouldn’t be. Story (Jeffrey Jones)
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