Here are the top reads on deals and financial services over the last week,
Kinross Gold Corp. considers selling gold mines in Americas, doubling down on West Africa and Russia: Kinross Gold Corp. is considering selling its gold mines in North and South America, moving its primary stock listing to London, and doubling down on its portfolio of assets in Russia and West Africa, according to three sources familiar with the discussions.
Air Canada chief executive Rovinescu to retire in February: Air Canada chief executive Calin Rovinescu will retire early next year after leading the country’s largest airline for almost 12 years, handing control to deputy CEO and chief financial officer Michael Rousseau. (Eric Atkins, Andrew Willis)
Michael Rousseau takes the pilot’s seat of Air Canada as CEO while COVID-19 continues to rock the industry: Michael Rousseau was tagged as the successor to chief executive officer Calin Rovinescu in 2019, when he was promoted to deputy CEO. Mr. Rousseau, an accountant, assumes the top job at Canada’s biggest airline as it slashes costs, lays off thousands, drops routes and abandons regional airports while bleeding about $16-million every day. (Eric Atkins)
Calfrac shareholders vote to recapitalize in a bid to survive: Troubled Calgary-based oilfield services company Calfrac Well Services Ltd. will undergo a financial reorganization in a last-ditch survival effort after stakeholders voted in favour of a recapitalization plan Friday, dashing the hopes of a Texas-based rival hoping to gain control of the business. (Emma Graney)
Pandemic-induced downsizing leads businesses to shed art collections: As the global health crisis led to an increase in working from home, many companies said they plan to permanently reduce the number of employees in office towers. The transformation is playing out at banks, insurers, law firms and accounting practices that are home to some of the country’s largest art collections. (Andrew Willis)
Landlords in B.C., Quebec, Florida take HBC to court for unpaid rent: Hudson’s Bay Co. is facing more legal actions from its landlords, with shopping centre owners in Quebec, B.C. and Florida taking Canada’s oldest retailer to court for not paying rent during the novel coronavirus pandemic. (Rachelle Younglai, Susan Krashinsky Robertson)
Ottawa orders security review of Chinese state-owned Shandong’s bid for Canadian miner TMAC Resources: Ottawa is ordering a formal national security review of state-owned Chinese miner Shandong Gold Mining Co. Ltd.'s proposed acquisition of TMAC Resources Inc., injecting more uncertainty into a deal that had already generated a national debate about sovereignty in Canada’s Far North. (Niall McGee)
RBC launches its first AI stock trading program: Royal Bank of Canada announced the launch of its first artificially intelligent computer program for trading stocks on Wednesday, bringing the bank’s expanding focus on AI to a key part of its capital markets operation. (Mark Rendell)
Loop Industries sees share price tumble following allegations from short-seller: A Quebec company that says it’s “recycling the unrecyclable” and “leading the sustainable plastic revolution” has seen its shares tumble over two days after attracting the attention of a prominent U.S. short-seller. (David Milstead)
Canada sees growth in ESG investing as U.S. increasingly rejects the trend: Even as major Canadian investors continue to embrace environmental, social and governance factors, their U.S. counterparts are increasingly rejecting them, leaving Canadians more in line with European attitudes. This is the conclusion drawn from the latest annual survey on responsible investing trends from RBC Global Asset Management. (David Milstead)
How Air Canada’s CEO is using a common-sense hardball strategy to land the Transat deal at a bargain price: Calin Rovinescu is doing everything he can to steer clear of catastrophe as the lawyer-turned-chief-executive leads the airline through the COVID-19 crisis. Saturday’s announcement of Air Canada’s reworked takeover of Transat AT Inc. – an offer cut to $190-million from a prepandemic $720-million – is the latest example of Mr. Rovinescu’s deal-making skills, and willingness to use hardball tactics. (Andrew Willis)
Scotiabank sells operations in Antigua and Barbuda to Eastern Caribbean Amalgamated Bank: The Bank of Nova Scotia has reached a deal to sell its operations in Antigua and Barbuda to a local bank, ending a standoff with the Antiguan government that scuttled a previous effort to sell the business. (James Bradshaw)
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