A Bay street sign is seen in Toronto’s financial district.Mark Blinch/The Globe and Mail
We are in the final stages of an occasionally nasty campaign to block the $1.5-billion takeover of one of Canada's largest construction companies, Aecon Group Inc., by a far larger state-controlled Chinese firm. Story (Andrew Willis, for subscribers)
The Chinese state-owned firm seeking the Trudeau government's approval to buy Aecon recently notified its shareholders it will establish a Communist Party of China unit inside its corporate ranks. Story (Steven Chase, for subscribers)
Bank of Montreal became the first major Canadian bank to lead an equity financing for a public company in the medical marijuana sector, underwriting a $175-million stock sale for Canopy Growth Corp. Story (Jacqueline Nelson)
Power Corp. of Canada is courting new investors with the launch of a private-debt fund that will rely on the company's web of relationships. Story (Jacqueline Nelson, for subscribers)
DEAL WRAP
Pot merger vote: Shareholders of Newstrike Resources Ltd., the cannabis company backed by the Tragically Hip, have voted overwhelmingly in favour of a friendly takeover by CanniMed Therapeutics Inc., moving the contentious deal closer to fruition. Story (Jeffrey Jones, for subscribers)
Canadian venture financing: Canadian story-sharing platform Wattpad Corp. closed a funding round of $51-million (U.S.) led by Chinese internet giant Tencent Holdings Ltd. Story (for subscribers)
FINANCIAL SERVICES WRAP
Earnings: Goldman Sachs Inc. on Wednesday posted its first quarterly loss in six years on a huge tax charge but adjusted profit trumped analysts' estimates, as strength in the investment banking business cushioned the blow from a slump in trading. Story
Goldman Sachs's bright spots keep $5-billion goal within reach. Story
More earnings: Bank of America Corp's net profit nearly halved compared with a year earlier as it booked a $2.9-billion charge stemming from the new federal tax law although it beat analysts' estimates when adjusted for the charge. Story
Charges: The U.S. Department of Justice has charged a Barclays foreign exchange trader over his alleged role in a scheme to defraud a client of the bank, the DoJ said. Story
Short-seller lawsuit: Home Capital Group Inc, Canada's biggest alternative lender, said on Wednesday that it had received a statement of claim from short-seller Marc Cohodes, who is seeking $4-million in damages. Story
Another lawsuit: A Montreal rabbi is suing Quebec's securities watchdog for infringing on his family's rights in a raid at their home linked to the Amaya Inc. insider trading investigation, a case his lawyer says exposes the regulator's "high-handedness." Story
WHAT WE'RE READING ELSEWHERE
Goldman Sach's Investment Management Win: The investment bank's fixed income division may have weighed on earnings, but its investment management division is posting records. Institutional Investor