The clock is ticking on Air Canada’s takeover offer for Aeroplan. Aimia has until Thursday to decide whether to accept, reject or try to negotiate. Stands to reason that in the coming days Aimia’s investors will have plenty to say. Indeed, the head of alternative investments at Phillips, Hager & North, which holds 35 per cent of the loyalty program operator’s preferred shares, told Bloomberg News it would be “suicidal” for Aimia to not cut a deal.
GREEN RUSH
While we await the Ontario government’s official announcement about privatizing pot sales, the CEO of Canada’s largest cannabis producer is spitballing a far more aggressive rollout. “If the province wanted to roll out 300-400 stores, and they picked four or five parties to do it, I don’t think we’d have any challenge maintaining our current market share, which is about 30-40 per cent,” Bruce Linton told BNN Bloomberg Friday. Four hundred stores! Keep in mind, the existing plan is to have 40 Ontario Cannabis stores this year. BNN Bloomberg's Jameson Berkow will pull together insight today on what’s happening behind the scenes in the commercial real estate industry.
TARIFF TALKS
Contingency planning for auto tariffs will be on the agenda tomorrow in Geneva, where representatives from Canada, Mexico, the European Union, Japan and South Korea will meet to discuss the prospect of U.S. levies on vehicles and parts, according to The Canadian Press. Recall the EU gave itself some breathing room last week. Have to wonder if the other countries in the room tomorrow will be as willing to call a truce with the Trump administration.
TRUMP MEETS CONTE
Italian Prime Minister Giuseppe Conte is in D.C. today for a meeting with U.S. President Donald Trump. The two have demonstrated themselves to be like-minded on Russia. While Conte’s government, like Trump, has been critical of Canada on trade. We’ll monitor the closing news conference at 2:00 p.m. ET.
MNUCHIN TOUTS U.S. GROWTH OUTLOOK
U.S. Treasury Secretary Steven Mnuchin yesterday told Fox News he thinks the U.S. is on track for four or five years of sustained three per cent growth. We’ll stress test that assertion this morning.
OTHER NOTABLE STORIES
-Montreal-based WSP is paying US$400M to buy professional firm Louis Berger. The deal will add 5,000 employees to WSP's headcount. Louis Berger generated almost three-quarters of its revenue last year in the U.S., but it also has a broad footprint overseas including a a deak to oversee the construction of some stadiums for the next World Cup.
-Bombardier announced this morning it has been awarded a 261-million euro rail contract in France
-CBS’s board of directors is reportedly meeting today to weigh CEO Les Moonves’s future after last week’s New Yorker bombshell documenting sexual harassment claims by six women.
NOTABLE RELEASES/EVENTS
-Notable earnings: Vermilion Energy, Caterpillar
-12:15 p.m. ET: Italy Prime Minister Giuseppe Conte meets with U.S. President Donald Trump at the White House.
-2:00 p.m. ET: Trump, Conte hold news conference
Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg'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.bnnbloomberg.ca/subscribe.
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