Almost lost in the economic and political squabbling that followed Royal Dutch Shell PLC's sale of its oil sands assets to Canadian Natural Resources Ltd. was one of the deal's most telling aspects.
Shell is making a $4-billion bet on CNRL and its ability to thrive in a tough business as the Anglo-Dutch oil major retreats to work on chipping away at its sizable debt and focusing on quicker-return opportunities.
Part of CNRL's payment for the controlling stake in the Athabasca Oil Sands Project and a host of other assets is being made in shares, which essentially means Shell retains exposure to resources and equipment it has operated for years. Story
Seven Generations lands supply deal with Louisiana LNG firm amid push for new suppliers
Seven Generations Energy Ltd. is about to succeed where some of the energy industry's biggest companies have failed.
Industry sources say the Alberta Montney gas producer has signed a supply deal with U.S. LNG producer Cheniere Energy Inc. that will see growing production from its Kakwa River project exported from a Louisiana port.
The foray by Seven Generations, which has not previously been reported, is a coup for the Calgary-based company as it seeks to bypass export snarls that have confounded rivals and contributed to depressed prices for the heating fuel. Story
Valeant shows the dangers of checking into hedge-fund hotels
Trading desks have a name for stocks like Valeant Pharmaceuticals International Inc: They call them hedge-fund hotels. And to mangle a line from the Eagles, at a hedge-fund hotel, you can check out any time you like, but it sure hurts to leave.
In good times, go-go stocks such as the Laval-based drug company attract an evangelical following from the hot-money crowd, with the likes of Bill Ackman at Pershing Square Capital Management using every opportunity to preach the gospel according to Valeant.
In bad times, when Mr. Ackman loses faith and takes a $4-billion hit on his misadventure, long-suffering Valeant shareholders get another kick in the teeth. Story
Valeant still under pressure to speed up turnaround, even after Ackman sells stake
Joseph Papa can breathe a sigh of relief that he's no longer under pressure to turn around Valeant Pharmaceuticals International Inc. at a pace that suits U.S. hedge fund investor Bill Ackman. But make no mistake: the chief executive officer of the troubled Canadian drug maker is still under the gun. Story
Hudson's Bay Co. is in talks to acquire luxury U.S. department-store retailer Neiman-Marcus Group Inc. in a move that could transform the Toronto-based HBC into a high-end heavyweight in its segment, sources say. Story
A Tanzanian export ban has cast a shadow of doubt over a potential $4-billion (U.S.) merger between a Barrick Gold Corp. subsidiary and Toronto-listed Endeavour Mining Corp. Story
Miner-trader Glencore has increased its control of core commodity zinc through a deal with Canada's Trevali in which it is selling shares in two mines and helping to create the first pure zinc company with wide geographical reach. Story
ELSEWHERE IN FINANCE
Iceland lifts capital controls, ending years of economic seclusion (The Globe and Mail) Story
FAA mandating higher insurance coverage for SpaceX rockets (WSJ, subscription required) Story