Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
Investors, don’t give up on the Big Six: Canadian bank stocks have failed to generate any meaningful gains over the past two-and-a-half years, but don’t give up on them now. One reason to embrace this going-nowhere era: Dividend yields are above 4.6 per cent on average for the Big Six bank stocks, making the quarterly payouts hard to ignore at a time when bond yields are falling. Story (David Berman)
Prudential buys online insurance startup Assurance IQ for $2.35-billion: Prudential Financial Inc. is set to buy online insurance startup Assurance IQ Inc for US$2.35-billion, the latest in a series of moves by traditional insurers to up investment in technology and data crunching by buying Silicon Valley startups. Story (Reuters)
Germany’s banking watchdog opposes ban on charges for customer deposits: Germany’s financial markets watchdog would not support a ban on banks charging retail customers for storing their money, its president said on Thursday. Story
Danske Bank poaches Commerzbank’s finance chief as part of post-scandal overhaul: Danske Bank named Stephan Engels from Commerzbank as its finance chief on Thursday, in an ongoing overhaul by the Danish lender’s new boss to restore trust after its involvement in a damaging money laundering scandal. Story (Reuters)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Li Ka-Shing’s CK Infrastructure made takeover overture for Inter Pipeline Ltd.: Hong Kong-based CK Infrastructure Holdings Ltd., a company backed by one of Asia’s wealthiest families, bid $12.4-billion for Inter Pipeline Ltd. this summer, only to see the Calgary-based utility spurn the takeover for reasons that include perceived political risks. Story (Andrew Willis and Jeffrey Jones)
Terramera raises US$45-million in an effort to cut synthetic pesticide use in agriculture: A Vancouver clean-technology company that uses natural ingredients to kill bedbugs has raised US$45-million to pursue a bigger goal: slashing chemical use by farmers worldwide. Story (Sean Silcoff)
Sale of Aurora Cannabis stake in TGOD struggles amid industry-wide chill: Investment banks are struggling to find buyers for Aurora Cannabis Inc.'s stake in The Green Organic Dutchman Ltd., with roughly 40 per cent of the deal unsold, according to people familiar with the transaction. Story (Tim Kiladze and Mark Rendell)
WeWork mulls slashing IPO valuation as skepticism rises over business model: sources: WeWork owner The We Company is considering slashing the valuation it will seek in an initial public offering (IPO) to a little over $20 billion, less than half the $47 billion valuation it achieved in a private fundraising round in January, people familiar with the matter said on Thursday. Story (Reuters)
Exxon Mobil agrees to sell Norway oil and gas assets for $4-billion, sources say: Exxon Mobil has agreed to sell its Norwegian oil and gas assets for up to $4 billion, marking the U.S. firm’s exit from production in the country after more than a century, three sources familiar with the matter said on Thursday. Story (Reuters)
IN CASE YOU MISSED IT
Canadian bank CEOs signal slower growth ahead amid trade tensions, falling rates: The top executives of Canada’s biggest banks are signalling slower growth ahead amid looming trade tensions and America’s falling interest rates, but the lenders remain confident they’ll be able to adapt to the changing environment. Story (Canadian Press)
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