HBC CHAIR AIMS TO PRIVATIZE RETAILER

Richard Baker today unveiled a proposal to privatize Canada’s oldest retailer. He’s teaming up with other major shareholders, collectively owning 57 per cent of Hudson’s Bay Co’s common shares, to take the company out of the public glare at $9.45/share. The move comes more than a decade after Baker’s private equity firm originally scooped up HBC as part of his retail and real estate empire.

TRUMP SPARES MEXICO ON TARIFFS 

Mexico has been spared from across-the-board tariffs that U.S. President Donald Trump had threatened to impose today. The decision shouldn’t come as a huge surprise, given the White House repeatedly gave itself verbal wiggle room last week. Nonetheless, it’s contributing to a modest relief rally in the market this morning, although Trump just tweeted a threat to “reinstate” the tariffs if Mexico’s lawmakers vote down the agreement on border security. We’ll look ahead to what this means for ratifying the new NAFTA.

TILRAY RALLIES ON LOCKUP PACT

Any fear that Tilray’s largest shareholder will dump its stock is getting a two-year reprieve. The cannabis producer announced a somewhat complicated agreement with Privateer Holdings this morning; in short, the letter of intent limits Privateer’s ability to divest shares. Tilray is up more than 20 per cent in pre-market trading.

MANULIFE CHALLENGING BIG BANKS

In announcing a bundle of services today, Manulife is touting itself as “the best alternative to the big banks.” But is the new $10-per-month credit card, bank account and travel insurance package (with an Amazon Prime sweetener) enough to nibble away at the Big Six’s market share? We’ll speak with Manulife Bank’s CEO at 8:40 a.m. ET.   

FEDS AIM TO STAMP OUT SINGLE-USE PLASTICS

Our CTV News colleagues are reporting the federal government today will map out its strategy to impose a ban on single-use plastics, possibly as early as 2021. We’ll address the implications for various industries, their workers, and consumers.

GAME FIVE

The pent-up excitement is palpable in Toronto as the Raptors aim to close out the NBA finals tonight at Scotiabank Arena. We’ll sprinkle some previews into our programming today.

OTHER NOTABLE STORIES

-Green Growth Brands, the American cannabis company that failed in its attempt to buy Aphria, has found an ally in Brookfield Properties -- announcing a plan to open more than 70 stores inside the company’s shopping malls.

-United Technologies and Raytheon are combining in an all-stock deal that unites aerospace and defense industry giants. Raytheon shareholders will get 2.3348 shares of the new company (Raytheon Technologies) for each share held, leaving them with 43 per cent of the combined entity. 

-Some more stocks to watch on the back of M&A: Salesforce is buying Tableau in an all-stock deal. Tableau shares are up more than 30% pre-market.

-Superior Plus is another stock to watch after it announced it might sell its specialty chemicals business.

-Canadian Natural Resources said on Saturday it’s restarting operations at Pelican Lake and Woodenhouse after output was shut in as a result of the Alberta wildfires.

-La Presse is reporting Cirque du Soleil is considering going public next year. We’re seeking comment from Cirque.

NOTABLE RELEASES/EVENTS

-Notable data: Canadian housing starts, Canadian building permits

-8:45 a.m. ET: Prime Minister Justin Trudeau makes announcement in Mont-Saint-Hilaire, Quebec (plus avail)

-10:00 a.m. ET: Parliamentary Budget Officer releases report "Analysis of Active versus Passive Management of Canadian Public Pension Plans"

-10:30 a.m. ET: Environment and Climate Change Minister Catherine McKenna makes announcement in Toronto on plastic pollution (plus avail)

-6:15 p.m. ET: Alberta Premier Jason Kenney holds media avail in Edmonton after meeting with First Nations Chiefs and Grand Chiefs to discuss Indigenous participation in the economy

-Economic Forum of the Americas conference begins in Montreal (runs to June 13)

Every morning BNN Bloomberg'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.