Streetwise newsletter: Bidder for German Shops fails to Influence HBC; Infrastructure Bank Seat outlines key mandates

Hudson's Bay Co. says new documentation from Austria-based Signa Holding GmbH outlining the funding it has at its disposal to get a $4.5-billion bid because of its German department-store series Galeria Kaufhof doesn't alter its view that the strategy is unsolicited and provides no formal dedication. (Jeffrey Jones, readers) The Canada Infrastructure Bank's inaugural chair stated the organization's structure is taking shape and worried it will find deals with the private sector which may not Read more [...]

Streetwise newsletter: Last week’s best reads: CIBC, Stelco, BMO

CIBC withdraws as underwriter for Tapscott-led blockchain financeCIBC World Markets Inc. has pulled out as an underwriter for a $100-million blockchain-focused venture capital fund directed by Alex Tapscott, according to sources close to the deal. CIBC in discussions with robo-adviser Wealthsimple, sources confirm Canadian Imperial Bank of Commerce is in discussions with Wealthsimple to hit a partnership which could see the lender refer some clients to the Read more [...]

Streetwise newsletter: Trump names new Fed chair; Bitcoin skyrockets over $7,000

Jerome Powell wasn't on President Donald Trump's early radar as a potential successor to Federal Reserve Chair Janet Yellen and was angling rather for a job as the U.S. central bank's vice chair for oversight. But when he had been passed over for this position last summer, it was one in a series of events that left the 64-year-old Fed governor and investment banker on the cusp of taking over as head of the world's most powerful central bank. Trump on Thursday nominated Powell to replace Yellen Read more [...]

Streetwise newsletter: Algonquin Power makes push into renewable energy; New BMO CEO promotes retail banking Mind

Algonquin Power amp Utilities Corp. moved into international renewable-energy markets on Wednesday with the purchase of a portfolio owned by troubled Spanish electricity company Abengoa S.A. Andrew Willis (readers) On his first day in office as Bank of Montreal's chief executive officer, Darryl White promoted a key lieutenant, giving retail banking thoughts Cam Fowler new jurisdiction over a few U.S. operations. James Bradshaw (readers) The resurrection in Canadian mining initial public offerings Read more [...]

Streetwise newsletter: Teachers to Market British airport Bets, Innergex-Alterra in $1.1-billion Bargain

The Ontario Teachers' Pension Plan states it's selling off 30 percent of its bets at two United Kingdom regional airports to broaden its investment plan. DAILY DEALSShares of Innergex Renewable Energy Inc. dropped in trading Tuesday after the company declared a favorable deal to obtain Alterra Power Corp. worth $1.1-billion, including debt. SoftBank Group Corp and Deutsche Telekom AG have reached an impasse in their discussions to unite U.S. wireless carriers Sprint Read more [...]

Streetwise newsletter: BoC has ‘head in the sand’ on bitcoin; Forge First Purchases Sui Generis

A top official in the Ontario Securities Commission says the Bank of Canada "has its head in the sand" on cryptocurrencies like bitcoin and ether, making it more difficult for the provincial watchdog to regulate investment activity in the region. Alexandra Posadzki (readers) Two Toronto-based hedge funds are consolidating in the middle of a challenging year for the industry. Andrew McCreath, president and chief executive officer of Forge First Asset Management Inc., said his company has bought Read more [...]

Streetwise newsletter: The week’s best reads: Aecon, Saputo, Brookfield

Good morning. Here are the best Streetwise and financial services stories we covered throughout the week. Have a fantastic weekend. After a dreadful debut from Roots Corp. earlier in the week, investors warmly welcomed the initial public offering (IPO) of Nexa Resources SA, which took off on its first day of trading on the Toronto and New York Stock Exchanges on Friday. Niall McGee The Toronto Stock Exchange's parent company is purchasing a British-based supplier of applications for electricity Read more [...]

Brookfield unit Purchases Sheraton hotel in Toronto for $335-million

A unit of Brookfield Asset Management Inc. has purchased the Sheraton hotel in downtown Toronto in a blockbuster $335-million bargain that's the most significant trade for a single resort in Canada.The other asset management giant will purchase the Sheraton Centre Toronto Hotel from Marriott International Inc. through a property fund in a trade that marks Brookfield's first significant foray into the Canadian hotel industry. The business will now have a presence in its home market after having Read more [...]

Streetwise newsletter: Brookfield puts Bay Adelaide Centre on auction block; Roots flops in trading debut

Brookfield Properties Corp.has put a key piece of Toronto's financial district on the auction block. The major Canadian commercial property owner is seeking as much as $1-billion for a 50-per-cent stake in the Bay Adelaide Centre, according to people familiar with the matter, as the company retools its portfolio amid a multiyear boom in commercial real estate. Rachelle Younglai (subscribers) Shares in Canadian clothing firm Roots Corp. dropped sharply in their stock market debut on Wednesday Read more [...]

Sentry Investments names James Dutkiewicz as new CIO

Money manager Sentry Investments Inc. has appointed a new chief investment officer following Gaelen Morphet's departure. Ms. Morphet, who was appointed executive vice-president and CIO for Sentry in August 2016, left the firm on Oct. 2, according to a company spokesperson. The departure of Ms. Morphet comes on the heels of CI Financial Corp.'s acquisition of Sentry Investments earlier this summer. Ms. Morphet will be replaced by James Dutkiewicz, chief Read more [...]