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Streetwise Streetwise newsletter: Ontario defends Hydro One interference; Callidus investors get bid for $2 a share

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

Ontario defends Hydro One interference: Ontario’s Conservative government defended its decision to replace the board and top executive of Hydro One Ltd., after the State of Washington cited political interference as it turned down a $4.4-billion acquisition by the company. Story (Tim Kiladze, Laura Stone and David Milstead, for subscribers)

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Doug Ford gets rid of the $6-million man — and costs Hydro One $185-million: Ontario Premier Doug Ford promised to get rid of the $6-million man running utility Hydro One Ltd. during his successful election campaign last spring. Keeping that promise appears to have cost Hydro One at least $185-million, killed plans to create a market-leading company and sullied the province’s reputation as a place to do business. Opinion (Andrew Willis, for subscribers)

Two years after receiving valuation of $18 to $22, Callidus investors get bid for $2 a share: An investment company controlled by a British-born billionaire has offered to buy the public float of Callidus Capital Corp. in deal that values the alternative lender at about $114-million, a fraction of a target that Callidus’s chairman had set for a sale. Braslyn Ltd., owned by Tavistock Group head Joe Lewis, has proposed to take over Callidus’s publicly traded minority shares for $2 a share in cash. Story (Jeffrey Jones)

Teachers to consolidate its public- and private-capital investing teams: Ontario Teachers' Pension Plan is shaking up its equities division. The fund, which manages nearly $200-billion across all types of assets, has confirmed to The Globe and Mail that it is consolidating its public- and private-capital investing teams under one expanded equities department. Story (Rachelle Younglai and David Milstead, for subscribers)

Coinsquare exchange acquires BlockEQ cryptocurrency wallet for $12-million: Toronto-based cryptocurrency exchange Coinsquare is acquiring virtual currency wallet BlockEQ for $12-million. The deal will allow Coinsquare users to access Stellar, a blockchain-based payment network that allows users to swap fiat currencies for virtual ones and send money across borders. Story (Alexandra Posadzki, for subscribers)

MORE FINANCIAL SERVICES NEWS

Bank fraud allegations: Chinese telecoms giant Huawei Technologies Co Ltd’s chief financial officer was arrested as part of a U.S. investigation of an alleged scheme to use the global banking system to evade U.S. sanctions against Iran, according to sources familiar with the probe. Story

Regulation: The Federal Reserve has rejected Wells Fargo & Co’s plans to prevent further consumer abuses and told the scandal-plagued lender it needs stronger checks on management, according to three people with knowledge of the discussions. Story

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MORE DEALS NEWS

Aerospace sector: A Brazilian federal court on Thursday granted an injunction blocking the proposed tie-up between plane makers Boeing Co. and Embraer SA, according to a court document seen by Reuters. Story (for subscribers)

Retail sector: Sears Holdings Corp Chairman Eddie Lampert’s ESL Investments Inc has made an offer valued at $4.6 billion to buy the bankrupt U.S. retailer, one of the only options that would prevent the department store chain from shutting its doors for good. Story

IPO: Ride-hailing company Lyft Inc beat bigger rival Uber Technologies Inc in filing for an initial public offering (IPO) on Thursday, defying the recent market jitters and taking the lead on a string of billion-dollar-plus tech companies expected to join Wall Street next year. Story

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