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Here are the top reads,

Stalking horse proposal: Toys “R” Us stores across Canada are in play as investment firm Fairfax Financial Holdings Ltd. circles the famed retailer of toys and baby products, according to a source familiar with the negotiations. Story (Jacqueline Nelson, for subscribers)

CIBC abandons plan: Canadian Imperial Bank of Commerce has abandoned plans to list its Caribbean business on U.S. stock markets, putting the brakes on a process that had been seen as a possible precursor to leaving the region. Story (James Bradshaw, for subscribers)

Regulators: Canada’s mutual-fund regulator is looking to further expand the way investment fees are reported to investors to include ongoing costs – such as management expense ratios – in annual reports. Story (Clare O’Hara)

Building the talent pipeline for the future of Canada’s financial services industry: Speak to any CEO in the financial sector and they will no doubt cite attracting top talent as one of their highest priorities. Opinion (Jennifer Reynolds, CEO Toronto Financial Services Alliance)

FINANCIAL SERVICES WRAP

Fines: Federal regulators are poised to impose a US$1-billion penalty on Wells Fargo for a variety of alleged misdeeds, including forcing customers to buy auto insurance policies that they didn’t need, according to people briefed on the regulatory action. Story

International banking: Deutsche Bank’s chief operating officer Kim Hammonds is stepping down, the German lender said on Wednesday, amid a continuing reshuffle of its executive suite. Story

Private equity: Bets on Spanish housing and oil assets helped Blackstone Group LP mitigate stock market jitters that weighed on it in the first quarter, with earnings at the world’s largest manager of alternative assets falling less than expected. Story

Banked: Roughly seven out of every 10 adults worldwide now have some form of a bank account, the World Bank said Thursday, largely due to the proliferation of cellphone-based bank accounts and other simple bank account programs in places like India and Sub-Saharan Africa. Story

DEAL WRAP

Drug sector: Rare disease drug maker Shire PLC said on Thursday it had rejected a US$63 -billion cash-and-stock acquisition offer by Japan’s Takeda Pharmaceutical Co Ltd, while Allergan PLC reversed course on pursuing a rival bid. Story

IN CASE YOU MISSED IT

Court: The bare-knuckle legal battle between two private equity funds reached a one-sided finish on Wednesday after an Ontario judge tossed out a $1.3-billion lawsuit from Catalyst Capital Group Inc. against rival West Face Capital Inc. Story (Andrew Willis)

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