Here are the top reads on deals and financial services over the last 24 hours,
Hydro One pays US$103-million termination fee to kill Avista takeover: Hydro One Ltd. formally called off its planned $4.4-billion takeover of Avista Corp. on Wednesday and will pay the U.S. utility a US$103-million termination fee for a deal that failed due to perceived political interference from Ontario’s Progressive Conservative government. Story (Andrew Willis, for subscribers)
Saskatoon restaurant scheduling company 7shifts raises $10-million in financing: Coming from a family of quick-service restaurateurs, Jordan Boesch can vividly recall his father’s desk covered in sticky notes with staff shift requests. So after teaching himself to code, he set out to make that all-consuming task simpler – at least for his father’s Quiznos locations in Regina. Story (Josh O’Kane, for subscribers)
Former Wells Fargo executive to helm BMO Global Asset Management: BMO Global Asset Management has hired Kristi Mitchem, the former chief executive officer of Wells Fargo Asset Management, as its new CEO. Bank of Montreal said on Wednesday Ms. Mitchem will replace Richard Wilson, who has been CEO of BMO GAM since 2014 and will retire in June. Story (Clare O’Hara, for subscribers)
Why Maxar shareholders found it hard to sell during the stock’s big plunge: Canadian shareholders didn’t find it so easy to sell Maxar Technologies Ltd. earlier this month, even as the stock plummeted. However, it wasn’t a question of loyalty to the company once known as MacDonald Dettwiler & Associates Ltd., a stalwart of the country’s technology industry. Instead, thanks to a quirk of a seemingly minor corporate transaction, the company’s Canadian stockholders possessed no shares to sell over two trading days when investors punished Maxar. To place a successful “sell” order those two days, a Canadian Maxar shareholder likely required extra help from their brokerage. Story (David Milstead, for subscribers)
MORE FINANCIAL SERVICES NEWS
Money laundering: Deutsche Bank said on Wednesday it had received requests for information from regulators and law enforcement agencies around the world that are investigating a money laundering scheme involving Danske Bank. Story
MORE DEALS NEWS
How Eddie Lampert’s deal to save Sears came together: The future of Sears Holdings Corp. and tens of thousands of its employees across the United States hung in the balance in the freezing pre dawn hours last Wednesday, as Wall Street lawyers and bankers sparred over the fate of the beleaguered retailer in a 50-story Manhattan office tower. Story (for subscribers)
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