Skip to main content

The Globe and Mail

Streetwise newsletter: Aecon opposition continues; BMO’s pot deal

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)

Story continues below advertisement

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

Story continues below advertisement

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

Story continues below advertisement

Report an error Editorial code of conduct Licensing Options
As of December 20, 2017, we have temporarily removed commenting from our articles as we switch to a new provider. We are behind schedule, but we are still working hard to bring you a new commenting system as soon as possible. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.