Corporate governance - Vigil

A KKR-led takeover bid for NHS landlord Assura has been hit by opposition from some of the FTSE 250 group’s biggest shareholders, which favour an alternative offer from its UK-listed rival Primary Health Properties. The bidding war over Assura has been running since February, with a consortium formed of KKR and US infrastructure investor Stonepeak last week making a “best and final” cash offer of £1.7bn. But two of Assura’s top 10 shareholders — wealth manager Quilter Cheviot and investment firm Schroders — told the Financial Times they would favour PHP’s rival offer, which would keep Assura’s property assets on the London stock exchange.

U.S. Senate Republicans on Monday unveiled proposed changes to President Donald Trump's sweeping tax-cut and spending bill that would make some business-related tax breaks permanent while making more limited the deduction for state and local income taxes, angering some colleagues in the House of Representatives. The different versions of the bill in the two narrowly Republican-controlled chambers of Congress could complicate party leaders' goal of passing the bill, which is the centerpiece of Trump's domestic agenda, before a self-imposed July 4 deadline. The new changes ran into early resistance from two separate Senate Republican camps: those who want deeper spending cuts to attack the growing federal deficit and others looking to preserve social-safety nets including the Medicaid healthcare program for lower-income Americans.

U.S. President Donald Trump signed an agreement on Monday formally lowering some tariffs on imports from Britain as the countries continue working toward a formal trade deal. The deal, announced by Trump and British Prime Minister Keir Starmer on the sidelines of the G7 Summit in Canada, reaffirmed quotas and tariff rates on British automobiles and eliminated tariffs on the U.K. aerospace sector, but the issue of steel and aluminum remains unresolved. Other critical industries, such as pharmaceuticals, were not mentioned. Trump said the relationship with Britain was "fantastic," as he waved, and then briefly dropped, a document that he said he had just signed.

U.S. President Donald Trump said Monday he thinks a trade deal with Canada is achievable — even if he and Prime Minister Mark Carney have “different concepts” of what that deal might look like. “I think our primary focus will be trade, and trade with Canada, and I’m sure we can work something out,” Trump said as he sat down for a meeting with Carney at the G7 leaders summit in Kananaskis, Alta. The pair met privately after weeks of exchanging phone calls and text messages in an ongoing attempt to resolve the economic conflict triggered by Trump’s tariffs. Addressing media alongside Carney, Trump expressed his fondness for tariffs. “I’m a tariff person. I’ve always been a tariff (person). It’s simple, it’s easy, it’s precise and it just goes very quickly, and I think Mark has a more complex idea, but also very good,” Trump said.

Japanese giant Mitsubishi is in talks to acquire assets owned by U.S. natural-gas producer Aethon Energy Management for about $8 billion, according to people familiar with the matter. A deal could be announced in the coming weeks, granted the talks don’t fall apart, the people said. It is also possible another suitor could emerge. The agreement could see Mitsubishi acquire natural-gas fields, pipelines and other assets that Aethon owns in the Haynesville Shale, a giant natural-gas field straddling east Texas and northwest Louisiana. Aethon, a private company with joint investment vehicles backed by investment firm RedBird Capital Partners and Canada’s Ontario Teachers’ Pension Plan, has been exploring a potential initial public offering or sale in recent years.

Le Tribunal du commerce de Bamako a décidé lundi de placer « sous administration provisoire » pour six mois la plus grande mine d’or du Mali, majoritairement détenue par le géant canadien Barrick Mining, dernier épisode en date d’un bras de fer que se livrent l’industriel et l’État malien. La junte au pouvoir avait réclamé cette mesure pour relancer les activités d’extraction à l’arrêt depuis janvier sur le site de Loulo-Gounkoto, dans l’ouest du pays, un des plus importants gisements aurifères au monde, détenu à 80 % par le groupe minier et à 20 % par le Mali. Zoumana Makadji, nommé administrateur provisoire, aura la tâche « d’ouvrir la mine dans les plus brefs délais », a dit à l’AFP un magistrat du Tribunal du commerce.

Le producteur d’énergie renouvelable Boralex prévoit investir 8 milliards au cours des cinq prochaines années afin de doubler sa puissance installée. La société montréalaise a dévoilé mardi les grandes lignes de son plan stratégique 2030. La direction tiendra également une journée des investisseurs à Toronto en avant-midi, où elle présentera sa feuille de route. Avec un portefeuille de projets de 8 gigawatts (GW), le carnet de commandes de Boralex est assez garni pour atteindre son objectif de doubler sa puissance installée tous les cinq ans, sans qu’une acquisition soit nécessaire, a précisé l’entreprise dans un communiqué. Boralex a des projets au Canada, aux États-Unis, en France, et au Royaume-Uni.  

Canadian oil producer MEG Energy Corp. on Monday urged its shareholders to reject a nearly $6-billion hostile takeover offer from Strathcona Resources Ltd., calling the bid inadequate and not in their best interest. The board also launched a strategic review to explore alternatives that could lead to a better offer than MEG’s current plan to be a standalone company. In May, the Canadian oil and gas producer Strathcona Resources said it planned to launch a hostile takeover bid for MEG Energy, valuing its rival’s stock at $23.27 per share. MEG’s last close was C$25.71. Later, MEG advised its shareholders to not take action on the unsolicited takeover bid. Since 2020, Strathcona, owned by Calgary-based private equity firm Waterous Energy Fund (WEF), has become one of the fastest-growing oil companies in North America through a series of acquisitions.

Succession planning is having a moment. From Warren Buffet at Berkshire Hathaway to Jamie Dimon at JPMorgan Chase, CEO transitions are front-page news. Yet these carefully orchestrated announcements mask an undeniable reality: few organizations sufficiently prioritize succession planning, a serious oversight with rising C-Suite churn. According to the executive intelligence firm Equilar, average tenure for S&P 500 chief executives has declined 34 percent since 2017, with CEO exits jumping 20 percent in the second half of 2024. Data from outplacement services firm Challenger, Gray & Christmas have confirmed this trend, showing record numbers of CEO departures in 2025.

Abu Dhabi National Oil Co. has made an $18.7 billion offer for Australian fossil fuel producer Santos Ltd., in one of the most audacious overseas moves yet by the Middle Eastern company as it seeks to expand its production of liquefied natural gas. Adnoc’s investment arm XRG PJSC joins peers including Saudi Aramco in targeting LNG, tapping the potential of one of the fastest-growing fossil fuel markets. It now stands on the brink of a deal that would hand it stakes in major operations in Australia and Papua New Guinea — if it can secure regulatory approvals. Santos Chief Executive Officer Kevin Gallagher has rebuffed several approaches from peers over the last few years, and has come under fire from impatient investors. Now the board of Australia’s second-largest fossil fuel producer has recommended Adnoc’s cash offer of $5.76 (A$8.89) per share — a 28% premium to Friday’s close.

Le patron du Losange depuis 2020 quitte le constructeur automobile. Il deviendrait directeur général du groupe de luxe Kering, dont le PDG, François-Henri Pinault, a décidé de dissocier les fonctions. C’est le transfert de l’année dans le monde économique français. De sources concordantes, le directeur général de Renault depuis 2020, Luca de Meo, a annoncé son départ du groupe automobile à son conseil d’administration ce dimanche. Le dirigeant italien de 58 ans s’apprêterait selon nos informations à rejoindre le groupe de luxe Kering. Le constructeur automobile a confirmé dans la soirée le départ de son directeur général dans un communiqué, précisant qu’il sera «effectif le 15 juillet». Kering n’a pas souhaité faire de commentaires pour le moment.

It could cost between $5 billion and $10 billion to build a transmission line that would connect Nova Scotia’s proposed offshore wind farms with the rest of the country, Premier Tim Houston says. The rough estimate follows his announcement last week that Nova Scotia wants to license enough offshore turbines over the next 10 years to produce 40 gigawatts of electricity — eight times more than what was originally planned. “It’s a concept,” Houston said after a cabinet meeting Thursday, referring to the Wind West project. “It’s a very powerful concept .... My objective, initially, was to capture the imagination of Nova Scotians.”

Israel and Iran struck at each other’s energy facilities over the weekend, a significant escalation that brings the conflict closer to an industry vital to the global economy and markets. The attacks so far have been limited, but oil prices have risen on the risk of greater damage, and the fighting has affected tanker traffic and supply flows. Iran’s role as a major oil producer and its proximity to other key exporters and transit routes gives it leverage over global energy markets. On Saturday, Esmail Kowsari, a senior commander in the Islamic Revolutionary Guard Corps, warned that Iran is considering closing the Strait of Hormuz through which a third of the world’s oil flows.

Eli Lilly will acquire gene-editing startup Verve Therapeutics for up to $1.3 billion, the companies said on Tuesday, accelerating a push into experimental cardiovascular therapies. The companies were partnering to develop one-time, gene-editing therapies to reduce high cholesterol in people with heart disease, as part of Lilly's efforts to look beyond its blockbuster weight-loss and diabetes drugs for growth. The U.S. drugmaker, which has struck multiple partnership deals with gene-editing companies in the last two years, has offered $10.5 per Verve share, a premium of 67.5% to the stock's last close.

Unilever has named its preferred candidate to lead the group's soon-to-be listed ice cream division, proposing Peter ter Kulve, who has previously faced criticism from the board of its Ben & Jerry's business. Ter Kulve, who is president of The Magnum Ice Cream Company (TMICC), is expected to receive TMICC board approval next month for his appointment as CEO, said a spokesperson for parent Unilever, ahead of a planned Amsterdam listing this year. TMICC is home to six of the world's top 10 ice cream brands, including Ben & Jerry's, which has been publicly at odds with ter Kulve and its parent company in recent years.
Representatives for Ben & Jerry's and its independent board did not respond immediately to requests for comment.

Two proxy advisory services are recommending shareholders vote in favour of Parkland Corp.’s planned takeover by U.S. company Sunoco LP. Institutional Shareholder Services Inc. and Glass, Lewis & Co. are both endorsing the friendly cash-and-stock deal announced last month, which is valued at US$9.1 billion including assumed debt.  Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries and a refinery in Burnaby, B.C. Parkland’s biggest shareholder Simpson Oil, which holds an almost 20 per cent stake, has said it plans to vote in favour of the offer. However, New York-based Engine Capital, which owns 2.5 per cent of Parkland’s shares, has said it won’t support the deal as it stands. 

Tensions between OpenAI and Microsoft over the future of their famed AI partnership are flaring up. OpenAI wants to loosen Microsoft’s grip on its AI products and computing resources, and secure the tech giant’s blessing for its conversion into a for-profit company. Microsoft’s approval of the conversion is key to OpenAI’s ability to raise more money and go public. But the negotiations have been so difficult that in recent weeks, OpenAI’s executives have discussed what they view as a nuclear option: accusing Microsoft of anticompetitive behavior during their partnership, people familiar with the matter said. That effort could involve seeking federal regulatory review of the terms of the contract for potential violations of antitrust law, as well as a public campaign, the people said.

The premiers of Alberta and Saskatchewan are pushing for more energy infrastructure, including a port-to-port project in Canada’s North, saying it would help boost Prime Minister Mark Carney’s energy-security discussion at the G7 meeting. Saskatchewan Premier Scott Moe is an enthusiastic proponent of a port-to-port trade corridor proposal that would help Canadian goods reach Asian markets via British Columbia’s Port of Prince Rupert. That proposal came out of the western premiers meeting in May. Both Mr. Moe and his Alberta colleague, Danielle Smith, said Monday in Calgary that they would like to see it on the list the federal government is compiling of nationally important infrastructure projects.

Alors qu’Hydro-Québec se lance dans un programme d’investissement sans précédent, la société d’État appliquera une pénalité aux entreprises des États-Unis qui soumissionneront pour obtenir des contrats. L’appel d’offres pour l’achat de 300 mégawatts d’énergie solaire impose une majoration de 10 % du prix offert par les entreprises américaines dans leurs soumissions. C’est le premier appel d’offres important d’Hydro-Québec depuis le déclenchement des hostilités commerciales avec les États-Unis. « Dans les faits, le prix soumissionné se verra majoré de 10 %, ce qui désavantagera la soumission aux fins de l’évaluation », a précisé un porte-parole de la société d’État, Cendrix Bouchard. Le coût de l’énergie compte pour 60 % dans le choix des soumissions. Cette pénalité de 10 % s’appliquera aux soumissionnaires américains qui n’ont pas d’établissement au Québec.

À plus de 3 milliards, c’est l’un des principaux placements de la Caisse de dépôt et placement du Québec (CDPQ). Il était présenté comme « l’une des plus importantes transactions de fintech en 2018 dans le monde ». Sept ans plus tard, FNZ accumule les pertes massives, au point où l’une des principales agences de notation s’inquiète d’une tendance « insoutenable ». « Performance nettement inférieure » aux attentes, « liquidités insuffisantes » pour la prochaine année et « perspectives d’affaires moins favorables qu’elles ne l’étaient »… Standard & Poor’s (S&P) ne mâche pas ses mots à l’endroit de la multinationale, dont l’actionnaire de référence est le bas de laine des Québécois. « Les résultats de la compagnie ont été nettement inférieurs aux attentes », tranche l’agence de notation, dans son rapport diffusé le 22 mai dernier.

In a rare rebuke, investors voted to remove a long-serving Netflix director over poor board meeting attendance—despite his previously strong track record. As scrutiny of director engagement and executive focus intensifies, could this be a new trend? Netflix shareholders recently voted the streaming company’s lead independent director off its board of directors in what might indicate a dramatic shift in how investors view the importance of showing up. Board members should view this rare rejection of a seasoned director as a sign that in the current environment of economic uncertainty and recession fears, any significant unexplained lapses in board attendance could result in concerns about a director’s value to the board and their commitment to shareholders.

Metro Bank has been approached by investment firm Pollen Street Capital about a potential takeover that could see the UK high street lender taken private after a turbulent period as a listed company. The London-based private equity group, which focuses on investing in financial services, made an informal approach to Metro Bank in recent weeks, according to people familiar with the matter. They cautioned that talks were at an early stage and there is no certainty of a deal. Metro Bank, which has a market value of about £750mn, has been seen as vulnerable to a potential takeover after a tumultuous period as a publicly listed company. A deal for Metro would be another blow to London’s stock market, after 30 bids of more than £100mn for UK-listed companies already this year.

U.S President Donald Trump approved Nippon Steel's $14.9 billion bid for U.S. Steel on Friday, capping a tumultuous 18-month effort by the companies that survived union opposition and two national security reviews. Trump signed an executive order saying the tie-up could move forward if the companies sign an agreement with the Treasury Department resolving national security concerns posed by the deal. The companies then announced they had signed the agreement, fulfilling the conditions of Trump's directive and effectively garnering approval for the merger. "We look forward to putting our commitments into action to make American steelmaking and manufacturing great again," the companies said in the statement, thanking Trump.

In Greenland, French President Emmanuel Macron used an official visit Sunday to condemn Donald Trump’s desire to annex the Arctic island. In Ottawa, British Prime Minister Keir Starmer joined with his Canadian counterpart, Mark Carney, to press for fair global trade and respect for sovereignty – both thinly veiled ripostes to Mr. Trump and his agenda of tariffs and territorial expansion. As a group of the world’s most powerful leaders converged on Kananaskis, Alta., for this year’s G7 leaders’ summit, they came together in hopes of finding a common voice. Ottawa has described the G7 as a place “for Canada and its allies to confront the challenges of our time, united in a common cause.” New conflicts have given fresh urgency to that task, including the increasingly destructive – and bloody – attacks between Israel and Iran.

Brookfield Infrastructure Partners has struck a deal for internet-service provider Hotwire Communications, making a multibillion-dollar bet on the growing industry for next-generation broadband infrastructure, according to people familiar with the matter. The deal is expected to value Hotwire at around $7 billion, including debt, the people said. An announcement is anticipated soon, they added. Hotwire is a closely held internet service provider that operates in commercial settings and residential communities, according to its website. Its network runs across Florida, Georgia, Texas, Arizona, Nevada, South Carolina, North Carolina, Pennsylvania and California. Brookfield is set to take over the business from Blackstone, which invested about $1 billion in 2021 through its Infrastructure Partners and Tactical Opportunities funds.