Canadian bank headquarters stand on Bay Street in TorontBrent Lewin/The Globe and Mail
Good morning. Here are the top reads of the week from Streetwise. Enjoy your weekend.
Former Dynamic Funds head Jordy Chilcott has joined the executive team at Sun Life Global Investments. Story (Clare O'Hara, for subscribers)
It's easy to fault Maple Leaf Sports & Entertainment for failing to win a championship at the company's flagship Toronto properties, the NHL's Maple Leafs and the NBA's Raptors. It's impossible to fault MLSE for its ability to create a first-class fan experience, and its ability to separate that fan from every available dollar. On MLSE's watch, the stands are always full and broadcasts are ratings winners. That business acumen explains why MLSE ended up acquiring another Toronto team on Wednesday by purchasing the CFL's Toronto Argonauts. Story (Andrew Willis, for subscribers)
The mouse is roaring. Walt Disney Co.'s blockbuster $52.4-billion (U.S.) deal to buy most of Rupert Murdoch's Twenty-First Century Fox, announced on Thursday, takes aim at an exploding direct-to-consumer content market that's dominated by Netflix and challenged by the likes of Apple and Amazon.com. Story (Jeffrey Jones, for subscribers)
Canada Pension Plan Investment Board is creating a renewable-energy and power group, jump-starting its investment strategy with a deal for Brazilian wind assets. Story (Jacqueline Nelson, for subscribers)
Ontario's securities watchdog is looking to mirror a U.S. ban against Miles Nadal, former CEO of MDC Partners Inc. Story (Alexandra Posadzki)
Auto-parts maker Linamar Corp. says it will acquire an agricultural equipment maker for $1.2-billion, a deal that means a major expansion for its existing agricultural business. Story (Greg Keenan)
Financial-services giant Goldman Sachs Group Inc. is boosting its investment in Toronto-based fintech startup Financeit by an undisclosed amount, injecting cash that will allow the point-of-sale financing provider to make a new acquisition and expand into the United States. Story (Alexandra Posadzki, for subscribers)
How badly does CIBC want to solve its Caribbean problem? Story (Tim Kiladze, for subscribers)
Canadian Imperial Bank of Commerce has an ambitious target to almost double the share of its profits coming from its U.S. banking arm within three years. Story (James Bradshaw, for subscribers)
Fidelity Canada is opening a trading desk in Toronto in order to gain competitive advantages in the marketplace including closer proximity to the deals on Bay Street. Story (Clare O'Hara, for subscribers)
Canadian Imperial Bank of Commerce is considering listing its Caribbean banking subsidiary on U.S. stock markets, seeking options to redeploy resources away from a region that has been known as a risky place to do business. Story (James Bradshaw)
Stanley Ma's MTY Food Group Inc. is making a friendly bid to acquire Imvescor Restaurant Group Inc. for $248-million in cash and stock, a transaction aimed at diversifying the business by boosting the number of casual sit-down restaurants in its stable. Story (Jeffrey Jones)
Credential Financial Inc., Qtrade Canada Inc. and NEI Investments have joined forces to launch a new independent wealth management firm in Canada that will be able to compete more aggressively with some of Canada's largest financial firms, including the Big Five banks. Story (Clare O'Hara)
The chief executive officer of CanniMed Therapeutics Inc. says two directors launched a covert campaign to sell the medical cannabis producer after they and the rest of the board agreed to pursue a deal that would position it for the recreational weed market. Story (Jeffrey Jones and Christina Pellegrini, for subscribers)
Richard Carleton can't help but laugh when he's asked: "In 2014, how much did you know about pot?" The question isn't about consumption, but it still catches him off guard. A lawyer by training, Mr. Carleton, 57, has spent decades building a career in the financial exchange business. Today, he runs the Canadian Securities Exchange (CSE), a stock market for early-stage companies. Story (Christina Pellegrini, for subscribers)
FRIDAY DEAL AND FINANCIAL SERVICES WRAP
BP will buy a 43-per-cent stake in solar energy company Lightsource for $200-million (U.S.), the British oil producer said on Friday, marking its return to the solar sector. Story
Unilever has agreed to sell its margarine and spreads business to U.S. private equity firm KKR for $8.04-billion (U.S.) to concentrate on faster growing products. Story
The U.S. Department of Justice and AT&T Inc have held unsuccessful settlement talks over the wireless and pay-TV company's bid to buy movie and TV show maker Time Warner Inc., the two sides said in a court filing on Friday. Story
Wood pellets producer Pinnacle Renewable Energy Inc, owned by Canadian private equity firm Onex Corp, wants to raise about $175 million (US$136 million) through a Toronto initial public offering (IPO), people familiar with the matter told Reuters this week. PE Hub
SoftBank has been in talks to invest as much as $300 million (U.S.) in the dog-walking app Wag, according to people familiar with the conversations. It's a concrete example of how SoftBank is transforming financing in tech. Recode
Tencent Holdings Ltd. agreed to buy a 5 percent stake in China's Yonghui Superstores Co. for about 4.22 billion yuan ($639 million U.S.), joining rival Alibaba Group Holding Ltd. in teaming up with a bricks-and-mortar retailer. Bloomberg
IN CASE YOU MISSED IT
Eric Rosenfeld, chief executive of Crescendo Partners, has released his latest song and dance video Video If you don't know who Mr. Rosenfeld is, here is a little background