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A majority of Warner Bros Discovery shareholders voted against the 2024 pay package for chief executive David Zaslav, whose remuneration has been a sore spot for investors amid steep declines in the media group’s share price. A regulatory filing published on Tuesday showed that a majority of shareholders rejected Zaslav’s $52mn package in a 1,063,214,128 to 724,453,004 vote. The move is largely symbolic because it is nonbinding. The Warner Bros Discovery board said in a statement that it “takes the results of the annual advisory vote on executive compensation seriously”. Zaslav received higher pay than his counterparts at larger entertainment groups last year, including Disney chief executive Bob Iger, who was paid $41mn, and Comcast chief executive Brian Roberts, who received $34mn.
A string of recent cyberattacks has targeted big retailers, scooping up customer information and disrupting online sales. North Face and Cartier in recent days told customers that their names and email addresses had been stolen. Another cyber intrusion prompted Victoria’s Secret VSCO -0.49%decrease; red down pointing triangle to shut down its website for three days and postpone the quarterly earnings announcement that it had planned for this week. The disclosures by North Face, Cartier and Victoria’s Secret follow a spate of attacks against U.K. retailers that appear to have been perpetrated by a group known as Scattered Spider. Members of the hacking group pretend to be employees locked out of their corporate accounts. They then persuade a corporate help desk to reset their password, a technique known as social engineering.
Federal regulators moved to lift an unprecedented punishment that had handcuffed growth at Wells Fargo, a milestone in the bank’s efforts to repair its tarnished reputation after its fake-accounts scandal erupted nearly a decade ago. The Federal Reserve Board of Governors voted to remove the restriction that had capped the bank’s assets at around $2 trillion. It was the most severe rebuke handed down after the bank’s disclosure it had opened millions of unauthorized customer accounts. The 2018 order had pointed to “widespread consumer abuses and compliance breakdowns.” For the first time in seven years, the fourth-largest U.S. bank will be able to grow its balance sheet and redirect resources it had been pouring into efforts to fix itself.
Brookfield Asset Management plans to invest up to 95 billion Swedish crowns (US$9.9-billion) to build a data centre for artificial intelligence in Sweden, the Canadian company said in a statement on Wednesday. Increased use of AI and requirements to host data within Europe have led to a boom in data centres on the continent, with companies such as Microsoft, Meta and Alphabet choosing Sweden for their sites due to its reliable electricity supplies, connectivity and infrastructure. Brookfield has been investing heavily in Europe and earlier this year laid out plans to invest €20-billion to develop AI projects in France, making it Europe’s largest AI infrastructure cluster.
The chief executive of Hydro‑Québec says a sweeping new energy deal with Newfoundland and Labrador Hydro is a signal to the United States that Canada can get “big things done.” Michael Sabia was in St. John’s, N.L., Tuesday, where he pitched the draft deal as a turning point in Quebec’s relationship with Newfoundland and Labrador, and a step toward Canada becoming an “energy superpower.” “Let’s be clear: Canada is under threat,” Mr. Sabia told a room full of representatives from Newfoundland and Labrador’s energy industry. “This is a time of real economic and political uncertainty. It’s a time when Canadians need to work together to build the future,” he said. “Ultimately, that’s what this deal is about. It’s about building now to secure Canada’s energy future.”
L’acquisition historique des marques de commerce de La Baie d’Hudson par la Société Canadian Tire se concrétisera grâce à l’autorisation d’un juge ontarien. Le juge Peter Osborne a affirmé mardi que cette transaction de 30 millions était la meilleure issue possible compte tenu de la situation de La Baie. L’entente conférera à Canadian Tire les droits sur le nom de La Baie, ses armoiries et ses rayures emblématiques. Les documents judiciaires montrent également que l’entente comprend la marque Distinctly Home de La Baie, sa ligne de vêtements Hudson North et des marques de commerce comme « Jours La Baie » et le slogan de Zellers « Parce que le prix le plus bas fait loi ».
Des experts interrogés par La Presse s’inquiètent de la décision de Donald Trump de faire passer les droits de douane de 25 % à 50 % sur les importations d’acier et d’aluminium en provenance du Canada et d’autres pays. Plusieurs inconnues persistent cependant. Décryptage avec trois experts. « C’est catastrophique pour l’industrie », lâche Geneviève Dufour, professeure de droit international à l’Université d’Ottawa. « C’est un mauvais choix économique et un très mauvais choix politique. » Cette décision va toucher non seulement les entreprises d’ici, qui peineront à trouver de nouveaux marchés, mais également les entreprises américaines qui importent de l’acier et de l’aluminium, puisque l’offre américaine ne suffit pas à répondre à la demande.
Global economic growth is slowing more than expected only a few months ago as the fallout from the Trump administration’s trade war takes a bigger toll on the U.S. economy, the OECD said on Tuesday, revising down its outlook. The global economy is on course to slow from 3.3 per cent last year to 2.9 per cent in 2025 and 2026, the Organisation for Economic Cooperation and Development said, trimming its estimates from March for growth of 3.1 per cent this year and 3.0 per cent next year. But the growth outlook would likely be even weaker if protectionism increases, further fueling inflation, disrupting supply chains and rattling financial markets, the Paris-based organization said in its latest Economic Outlook.
Activist investor Jana Partners is lining up support for a possible boardroom battle at Lamb Weston after a survey showed roughly half of the french-fry maker's top 50 shareholders want the entire board thrown out, according to a letter seen by Reuters. Jana owns roughly 7% of Lamb Weston and has spent the last seven months pushing the company, which is worth nearly $8 billion, for operational and capital improvements and possibly even a sale. Now the hedge fund has until the end of June to nominate directors to sit on Lamb Weston's 11-member board. A spokesperson for Jana declined to comment on the firm's plans.
Vista Equity Partners is reportedly close to acquiring Acumatica, a cloud-based enterprise software provider, from Swedish private equity group EQT in a deal valued at around $2bn, including debt, according to Bloomberg sources. The transaction, which could be announced as early as Thursday, aligns with Vista’s strategy of investing in mid-market software businesses that offer recurring revenue models and strong customer retention. Discussions are in advanced stages, though final terms may still change. Headquartered in Bellevue, Washington, Acumatica develops enterprise resource planning (ERP) software that helps small and medium-sized businesses automate workflows, manage operations, and optimise inventory. The company has experienced robust growth, driven by rising demand for modern ERP solutions among SMEs undergoing digital transformation.
German pharmaceutical group Stada is in talks with two private equity firms over a potential sale, according to a report by Welt.
The discussions, which could result in a sale or an initial public offering (IPO), come as owners Bain Capital and Cinven evaluate future options for the business. Sources cited by Welt suggest a potential IPO could take place as early as October 2025 if a private sale does not materialise. A Stada spokesperson confirmed that all options for the company’s future ownership remain under consideration, including both an IPO and a sale. Bain Capital and Cinven acquired Stada in 2017 in a landmark €5.3bn deal. Since then, the company has focused on expanding its portfolio of generic drugs and consumer healthcare products. Stada reported a 5% increase in first-quarter operating earnings (adjusted for currency effects) to €245m ($279m), driven by growth in specialty pharmaceuticals.
Real estate companies Aedifica and Cofinimmo have agreed to merge, creating the largest healthcare real estate investment trust in Europe. In a joint statement on Tuesday, the Belgium-listed firms said both boards fully support the deal, which is expected to generate annual cost savings of around 16 million euros ($18.3 million) by eliminating overlaps and improving efficiency. The combined company will manage approximately 12.1 billion euros in property assets, making it the largest healthcare REIT in Europe and the fourth largest globally, they said. As part of the agreement, Aedifica will acquire all Cofinimmo shares through a share exchange. Cofinimmo shareholders will receive 1.185 new Aedifica shares for each Cofinimmo share they own, they said. The companies said the deal will proceed only if more than 50% of Cofinimmo shareholders accept the offer.
The nearly century-old Japanese company that founded Toyota Motor in the 1930s plans to go private in a deal that values the now-forklift maker at about $34 billion, with backing from the car giant’s chairman, Akio Toyoda, and other group companies. Toyota Fudosan, the group’s real-estate arm, said Tuesday that it will set up an entity to start a tender offer to acquire shares of Toyota Industries and take it private. The real-estate firm is privately held by Toyota group companies. Toyoda serves as its chairman. The company said it expects to control a 99.44% stake in the entity that will fully own Toyota Industries following a series of transactions, with Toyoda holding the remaining share.
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Meta Platforms is turning to nuclear power for the massive amounts of electricity it needs to fuel its artificial-intelligence ambitions. The tech giant will buy the power generation of a nuclear plant in Illinois for 20 years under a deal with Constellation Energy. Financial arrangements weren’t disclosed, but Constellation Chief Executive Joe Dominguez said the Meta deal would help cover the costs of relicensing, upgrades and maintenance for the Clinton Clean Energy Center in Clinton, Ill. “It’s billions of dollars of capital that you’re signing up for to run a plant for 20 more years,” said Dominguez. It is the first deal of its kind in the U.S. with an operating nuclear plant but has parallels to one that Constellation and Microsoft struck last year around the Three Mile Island plant in Pennsylvania.
Two businesses in industrial-process technologies struck an all-stock merger worth roughly $19 billion. Chart Industries and Flowserve said Wednesday they plan to combine in a deal that aims to create a bigger industry leader, confirming an earlier report from The Wall Street Journal. In the deal, Chart Industries shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned. Once the deal closes, Chart Industries shareholders would own 53.5% of the combined company, and Flowserve shareholders would own 46.5%, on a fully diluted basis. The companies billed the deal as a full merger of equals.
Alarm over China’s stranglehold on critical minerals grew on Tuesday as global automakers joined their U.S. counterparts to complain that restrictions by China on exports of rare earth alloys, mixtures and magnets could cause production delays and outages without a quick solution. German automakers became the latest to warn that China’s export restrictions threaten to shut down production and rattle their local economies, following a similar complaint from an Indian EV maker last week. China’s decision in April to suspend exports of a wide range of rare earths and related magnets has upended the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world.
Petronas Energy Canada Ltd.’s chief executive officer is optimistic about LNG Canada’s expansion plans in British Columbia for exporting liquefied natural gas while wary of looming competition from Alaska. LNG Canada’s two largest co-owners are London-based Shell PLC at 40 per cent and Malaysia’s state-owned Petroliam Nasional Berhad, better known as Petronas, at 25 per cent. “We want more LNG. We’re very, very supportive of advancing LNG off the West Coast,” Petronas CEO Mark Fitzgerald said in an interview. “But it has to be competitive around the globe, certainly in terms of cost of supply and infrastructure.” Through a wholly owned subsidiary, Kuala Lumpur-based Petronas owns Petronas Energy Canada, which oversees natural-gas assets in the North Montney region of northeast B.C.
Des dirigeantes en finance, en économie ainsi que la société civile déplorent la décision des autorités financières canadiennes de suspendre l’obligation des entreprises inscrites en Bourse de dévoiler, dans leurs résultats, des informations relatives aux changements climatiques comme leurs émissions de gaz à effet de serre (GES). « On se nuit en faisant cela », tranche Geneviève Morin, PDG de Fondaction. C’est le temps d’aller vers une économie qui est plus durable, c’est le temps d’accélérer cette transformation et la transition ; c’est le temps de se diriger vers d’autres marchés d’exportation. » Mme Morin fait partie des 80 dirigeantes qui cosignent ce mardi une lettre ouverte dans laquelle elles expriment leur « profond désaccord » avec la décision des Autorités canadiennes en valeurs mobilières (ACVM) de suspendre un important projet de règlement.
Le gouvernement de Donald Trump cherche à séduire des partenaires asiatiques pour relancer un projet controversé de gazoduc en Alaska, à 44 milliards de dollars, une des promesses du président américain en matière de politique énergétique. « Ce dont le projet a vraiment besoin, c’est d’accords d’exploitation à long terme », a déclaré le secrétaire à l’Énergie Chris Wright mardi, lors d’une conférence de presse à Anchorage, retransmise en ligne. Avec le secrétaire à l’Intérieur Doug Burgum, ils ont accueilli des délégations officielles du Japon, de la Corée du Sud et de Taiwan lors d’une « Conférence sur l’énergie durable », espérant leur donner envie « d’acheter du gaz naturel d’Alaska ».
Le rebrassage de cartes survenu l’an dernier à la Caisse de dépôt et placement du Québec (CDPQ) permet finalement d’avoir un portrait plus juste de ce qui lui en coûte pour payer les employés qui se trouvent dans ses huit bureaux à l’étranger : 152 millions. Ce portrait a été fourni par le bas de laine des Québécois dans une réponse à une demande d’accès à l’information. Il tient compte de l’effectif de ses filiales immobilières Ivanhoé Cambridge et Otéra Capital, ce qui n’était pas le cas auparavant. Pourquoi ? Parce que ces deux organisations n’avaient pas été pleinement intégrées par la Caisse. Puisqu’elles n’étaient pas entièrement contrôlées par l’institution, cet effectif supplémentaire n’était donc pas comptabilisé. Comparativement à 2023, la croissance de la masse salariale de la CDPQ à l’étranger effectue donc un bond de 46 %. Le nombre d’employés répartis dans le réseau international atteignait 293 personnes, une augmentation de 42 %.
AlpInvest Partners has raised $4.1 billion for its ninth co-investment fund, an executive at the unit of private equity group Carlyle said, showing continued appetite among investors for access to buyout firms' dealmaking. The size of AlpInvest Co-Investment Fund IX, and related strategies, exceeds the $3.5 billion eighth iteration of the fund raised in 2021. Richard Dunne, who leads AlpInvest's co-investment team alongside Roberto Torrini, said the firm's success in raising an enlarged fund came from securing strong support from previous investors but also inflows from new investors wanting exposure to private equity buyouts. "Part of our value proposition is giving investors access to a part of the market that we believe is incredibly difficult for them to replicate," Dunne said in an interview.
U.S. railroad operator Norfolk Southern said Chairman Claude Mongeau resigned from the company's board on Tuesday, citing personal reasons. Mongeau had been an independent director on Norfolk's board since 2019, and was appointed chairman in May last year. He had previously served as president and chief executive for Canadian National Railway (CNR.TO), opens new tab from 2010 to 2016. The board will elect a new chair at its next meeting later this month, the company said. Mongeau is currently also a director at Canadian oil and gas firm Cenovus Energy. Norfolk had agreed to add an independent member to its board last year, settling a long-drawn battle with activist investor Ancora Holdings over the company's governance.
BASF has formally launched the sale of its coatings division, a business expected to fetch up to €6bn ($6.8bn), according to Bloomberg. The process, led by Bank of America and JPMorgan, is in its early stages, but several major private equity firms are already circling. Potential bidders reportedly include Carlyle Group, CVC Capital Partners, Lone Star Funds, Advent International, Bain Capital, Blackstone, and Platinum Equity. Carlyle is said to be exploring a joint offer with Sherwin-Williams, which acquired BASF’s Brazilian paints unit for $1.15bn earlier this year. BASF’s coatings business generated €4.3bn in revenue in 2024, positioning it as an attractive standalone platform for private equity investors seeking scale and global exposure. The unit’s diverse portfolio spans automotive, industrial, and decorative coatings, offering significant opportunities for growth through operational improvements and bolt-on acquisitions.
Paramount Global nominated three new directors to its board and has scheduled its shareholder meeting for July 2, according to its annual proxy filing. The entertainment company, which owns CBS, the renowned movie studio and a number of cable channels, is in the midst of negotiations to settle an election-interference lawsuit by President Trump against its CBS News division. If a settlement isn’t reached before the new directors are elected at its annual shareholder meeting, a new board will have to approve any such settlement. Separately, the media company is also awaiting federal approval of an $8 billion merger with Skydance Media. The board nominees are Mary Boies, an attorney at Boies Schiller Flexner, Charles Ryan, a partner at the venture firm Almaz Capital, and Roanne Sragow Licht, a retired judge, according to the proxy filed Monday with the Securities and Exchange Commission.
Viper Energy will acquire Sitio Royalties in an all-stock deal valued at $4.1 billion, including debt. The deal will consist of 0.4855 shares of Class A common stock of a new holding company for each share of Sitio’s Class A common stock, and 0.4855 units of Viper’s operating subsidiary, Viper Energy Partners, for each unit of Sitio’s operating subsidiary. The terms represent an implied value to each Sitio shareholder of $19.41 a share based on Viper’s common stock closing price on Monday. The transaction was unanimously approved by each company’s board and has been approved by the written consent of Diamondback Energy as Viper’s majority stockholder. Diamond is expected to own about 41% of the new holding company’s outstanding common stock after closing.
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