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Bank Layoffs, Tilray Short, Stelco Potential Bid for US Steel - Bay Street Recap

AuthorKetki Saxena Stock Markets

Published Sep 22, 2023 17:25

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Bank Layoffs, Tilray Short, Stelco Potential Bid for US Steel - Bay Street Recap

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By Ketki Saxena

Investing.com -- Last week was a busy one on Bay Street, filled with news of Big Bank layoffs, a big short on Tilray (TSX:TLRY), and a number of deals (rumoured, announced, and completed).

Here's a recap of Canadian company and stock market news this week.

Bad News in Canadian Banking

Royal Bank of Canada (TSX:RY) has begun its previously announced layoffs in its capital markets business, part of broader reductions that may result in the loss of 1,000 positions.

The layoffs at RBC follow news from earlier in the week that BMO (TSX:BMO) will also be cutting an unspecified number of jobs as it shutters ts indirect retail auto finance business.

Canadian Cannabis - Tilray Short, Canopy Private Placement

After last week's euphoria in Cannabis stocks on the prospect of regulatory easing in the US, a prominent Canadian cannabis player faced far less optimistic news. Kerrisdale Capital announced that it is short on Tilray Inc., describing the company as a "failing cannabis player." Kerrisdale also alleges that Tilray is obscuring losses by issuing shares instead of recording cash expenses to one of its largest suppliers.

Meanwhile, Canopy Growth (TSX:WEED) Corporation announced it would be raising $50 million through a private placement with institutional investors, offering 22,929,468 units at a price per unit of US$1.09 for gross proceeds of US$25 million.

Announced, Rumoured, and Approved Canadian Company Deals

Stelco (TSX:STLC) Holdings Inc., Canada’s biggest steelmaker, is reportedly pursuing a bid for United States Steel Corp, according to people familiar with the matter. Stelco is looking to purchase the entire company. However, no decision has been finalized and Stelco could decide to not make a bid.

West Fraser Timber Co. Ltd. meanwhile announced that it will sell two pulp mills in Western Canada to Atlas Holdings for US$120 million. The sale is subject to customary regulatory reviews and closing conditions.

Equinox Gold Corp (TSX:EQX) announced a deal to raise US$150 million in an offering of convertible debt. Equinox announced that it has finalized a deal to issue US$150 million in 4.75% unsecured convertible senior notes due 2028.

Hut 8 (TSX:HUT) announced that its merger with US Corp has received final approval from the Supreme Court of British Columbia. The new entity will be known as Hut 8 Corp (New Hut) and is expected to have a market capitalization of about US$990 million.

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