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Streetwise newsletter: Aurora goes hostile for CanniMed; BMO names first chief digital officer

Canadian bank headquarters stand on Bay Street in Toronto

Brent Lewin/Bloomberg

Aurora Cannabis Inc. says it is forging ahead with plans to launch a hostile takeover bid to acquire CanniMed Therapeutics Inc., a move that would create Canada's second-largest medical-cannabis company behind Canopy Growth Corp. Story Christina Pellegrini (subscribers)

Bank of Montreal has carved out a new role to lead its digital modernization and plucked a senior executive from U.S. bank Wells Fargo & Co. to fill it. Story James Bradshaw (subscribers)

Fallen Vancouver tech star BuildDirect.com Technologies Inc. is set to hire Canaccord Genuity Corp. as its financial advisor to facilitate a potential sale of the company, now under creditor protection. Story Sean Silcoff (subscribers)

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Glencore PLC has announced that three of its executives have stepped down from Toronto-listed Katanga Mining Ltd. after an internal Katanga review found "material weaknesses" in controls around its financial reporting that stretches back years. Story Niall McGee (subscribers)

DAILY DEALS

Chip maker Marvell Technology Group Ltd said it would buy smaller rival Cavium Inc in a $6-billion (U.S.) deal, as it seeks to expand its wireless connectivity business in a fast consolidating semiconductor industry. Story

Toshiba Corp said it would raise 600 billion yen ($5.3 billion U.S.) from a sale of new shares, a key step that would allow the troubled conglomerate to remain a publicly traded company even if the sale of its chip unit is delayed. Story

Internet giant Alibaba Group Holding Ltd said on Monday it would invest HK$22.4-billion ($2.87-billion U.S.) for a major stake in China's top hypermart operator, Sun Art Retail Group Ltd, part of a wider push into offline retail. Story

Pixvana, maker of the Spin Studio cloud-based mixed-reality storytelling platform, has raised $14 million (U.S.) in a new round of funding. VentureBeat

ELSEWHERE IN FINANCIAL SERVICES

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U.S. Federal Reserve Chair Janet Yellen will leave her seat on the central bank's Board of Governors once Jerome Powell is confirmed and sworn in to replace her as head of the Fed, the central bank and Yellen announced on Monday. Story

Will Britain's decision to leave the European Union in 2019 damage one of its most successful industries? The financial services sector, which accounts for about 12 per cent of Britain's economic output and pays more tax than any other industry, potentially has a lot to lose from the end of unfettered access to the EU's post-Brexit market of 440 million people. Story

Mark Machin, the head of Canada Pension Plan Investment Board, said he doesn't think the bitcoin and blockchain space is "investible" yet, but the country's largest pension fund is monitoring it with interest. Story

WHAT WE'RE READING

Given the runaway success of one painting in particular, it's kind of unfair to compare the top 10 lots of New York's auction mega-week: Approximately $2.3 billion (U.S.) of Impressionist, modern, postwar, and contemporary art was sold in five days, yes, but the numbers are skewed pretty dramatically by Leonardo da Vinci's Salvator Mundi. Bloomberg

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