Constellation Brands taking 99% stake in Canopy Growth: Report
Constellation Brands announced on Monday it will invest $245 million in Canopy Growth in exchange for a 9.9 per cent stake in the Smith Falls, Ont.-based company. Arguably best known as the U.S. distributor of Corona beer, Constellation has deep roots in Canada stemming from its $1.2-billion takeover of Vincor in 2006. We’ll juxtapose Constellation CEO Robert Sands’ confidence against recent warnings from Canadian regulators that licensed producers need to make sure they don’t run afoul of U.S. laws.
CENOVUS NAMES POURBAIX AS CEO
After a four-month search, Cenovus has picked its next CEO. Former TransCanada exec Alex Pourbaix takes the top job on Nov. 6, taking over from outgoing chief Brian Ferguson. Pourbaix said in a press release he'll step into the role with a focus on driving down debt and "maximizing value" of the company's assets.
Aecon CEO John Beck told us on Friday “nothing will change” as a result of the takeover of his company by China Communications Construction Company. A senior U.S. official begs to differ. U.S.-China Economic and Security Review Commissioner Michael Wessel told The Globe and Mail the deal could imperil Aecon’s ability to land contracts in the U.S. We’ll chase Wessel and look into other potential unintended consequences.
HSBC GIVES EARLY LOOK AT THE BANKS
Adjusted third-quarter profit at HSBC’s Canadian unit rose 58 per cent, thanks to improvement in its oil and gas loan book, a spike in trading revenue and higher net interest income. We’ll use these results as an opportunity to look ahead to the Big Six.
JASON KENNEY UNITES THE RIGHT
Former federal cabinet minister Jason Kenney will lead Alberta’s United Conservative Party into the next provincial election. He didn’t mince words after being elected leader on Saturday, vowing to take down Premier Rachel Notley’s NDP in 2019. We’ll chase Kenney and gather reaction from the energy sector.
FED NOMINATION IMMINENT
U.S. President Donald Trump said in an Instagram video on Friday that he’ll announce his nominee to lead the Federal Reserve sometime this week. “It will be a person who, hopefully, will do a fantastic job,” he said. We’ll be ready for it whenever that market-moving announcement happens.
OTHER NOTABLE STORIES:
-We, like everyone else, are waiting to learn the identity of whomever is targeted in the sealed indictment obtained by U.S. Special Counsel Robert Mueller in his probe of Russian meddling in last year’s election. Charges could be announced as early as today.
-We've got consolidation today in the U.S. homebuilding industry, with Lennar agreeing to buy CalAtlantic for US$9.3 billion (including debt).
-Notable earnings: Vermilion Energy, PrairieSky Royalty, Mondelez
-Notable data: U.S. personal income and spending
-11:00 a.m. ET: Former Sears Canada Executive Chairman Brandon Stranzl holds news conference in Toronto
-5:30 p.m. ET: Justin Trudeau holds media avail alongside Colombia President Juan Manuel Santos
-International Economic Forum of the Americas' three-day Toronto Global Forum begins (agenda here)
Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.