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

Highway 407 investors, including CPPIB, may match OMERS bid for SNC stake: Spain’s largest construction company and Canada’s biggest pension plan are expected to increase their stakes in Ontario’s Highway 407 by trumping a $3.25-billion offer for SNC-Lavalin Group Inc.'s holding in the toll road – a move that demonstrates the value of infrastructure to institutional investors. Montreal-based SNC struck a deal in early April to sell 10 per cent of the 108-kilometre highway to the OMERS pension plan for $3-billion, with an additional $250-million of performance-based payments. Story (Andrew Willis, for subscribers)

Bombardier to sell Belfast, Morocco factories; suspends financial targets for 2020: Bombardier Inc. is moving to sell its aircraft component manufacturing factories in Morocco and Northern Ireland and suspending financial targets for 2020 as the Canadian plane and train maker tries to maintain investor confidence through year four of a five-year turnaround. The shares fell 6 per cent in early trading in Toronto, to $2.20. Story (Nicolas Van Praet, for subscribers)

Another cannabis deal, another billionaire investor involved with both companies: One of the largest U.S. East Coast cannabis retailers, Curaleaf Holdings Inc., plans to acquire the leading West Coast cannabis-oil producer for $1.27-billion in a deal that features a billionaire investor on both sides of the table and minimal opportunities for independent scrutiny of the takeover. Curaleaf, which owns 44 stores in 12 states, made an all-stock offer on Wednesday for a private company named Cura Partners Inc. that sells oils under the Select brand and is the market-share leader in four states, including California. Story (Andrew Willis, for subscribers)


Shares in vegan burger maker Beyond Meat sizzle in IPO: Shares of vegan burger maker Beyond Meat Inc rose more than 160 per cent in their market debut on Thursday, as investors look to cash in on the growing popularity of plant-based meat alternatives. The stock opened at US$46, well above its IPO price of US$25. Story (Reuters, for subscribers)

Tesla seeks up to $2.3-billion from share, debt issues: Tesla Inc will raise up to US$2.3 billion in new capital, renouncing what Elon Musk called a “Spartan diet” and easing Wall Street concerns about the money-losing company’s ability to overcome a drop in sales and build new product lines. Story (Reuters, for subscribers)


Onex’s art of the deal: For Gerry Schwartz, bland is good for business. But is it enough in the face of new challenges? Onex and its brilliant founder have an astonishing 35-year track record. The challenge for investors is figuring out what’s happening from year to year. ROB Magazine (David Berman, for subscribers)

The Liberals’ CMHC mortgage madness is another subprime crisis waiting to happen: Are you a first-time home buyer who is feeling priced out of the market? Don’t worry about saving more money – go see Cammy the Mortgage Closer instead. You probably know the agency, officially known as the Canada Mortgage and Housing Corp. (CMHC), as the federal mortgage insurer. But starting in September, it will also offer home loans to help property newbies just like you. ROB Magazine (Rita Trichur, for subscribers)

Why RBC is becoming the New England Patriots of Bay Street: It’s time to acknowledge that when it comes to investment banking, RBC Capital Markets is playing in a different league than its Canadian rivals. The deal-making arm of Royal Bank of Canada churned out $8.4-billion in revenue last year, almost as much as its second- and third-ranked domestic competitors put together. In the same way it seems preordained that football’s New England Patriots will be Super Bowl favourites every year, it now appears certain that RBC Capital Markets will make far more money than any other Bay Street dealer. ROB Magazine (Andrew Willis, for subscribers)

The Top 1000: Report on Business magazine’s exclusive ranking of Canada’s largest companies Rankings (for subscribers)

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