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Here are the top reads on deals and financial services from the week. Have a great long weekend. The newsletter will be back Wednesday.

Aimia saga: The morning after walking away from takeover talks with Air Canada and three financial partners, Aimia Inc. announced a new deal with Porter Airlines that will see the Toronto-based airline become a preferred Canadian partner for the Aeroplan loyalty points program. Story (Tim Kiladze)

Aeroplan’s parent company, Aimia Inc., rejected a hostile takeover bid from Air Canada and three financial partners after the two sides exchanged counteroffers but could not agree on a price. Story (Tim Kiladze, for subscribers)

Credit cards: Canadian Imperial Bank of Commerce is making amends with about 1.4 million customers after revealing that they were improperly charged fees for exceeding credit-card spending limits over a 14-year span. Story (James Bradshaw, for subscribers)

Venture capital: Georgian Partners has raised the largest independent venture capital fund in Canadian history, closing its fourth fund after reaching its US$550-million target. Story (Sean Silcoff, for subscribers)

Asset sale: SNC-Lavalin Group Inc. is considering selling some of its stake in the Highway 407 ETR, marking a significant shift in the management team’s strategy. A year ago, SNC said it had no plans to shop its stake in the toll road. On Wednesday, however, SNC revealed that it has engaged two financial advisers, CIBC World Markets and RBC Dominion Securities, to advise on a potential sale of part of its investment. Story (Tim Kiladze and Salmaan Farooqui, for subscribers)

Cannabis fund: Demand for private-equity investments in the cannabis sector remains high as Canada’s legalization of recreational marijuana approaches, says the head of a firm that has just launched a second venture capital fund. Calgary-based Green Acre Capital has received commitments of $35-million from the likes of major cannabis producer Aphria Inc., financier and Green Acre adviser Brett Wilson and Saskatchewan cannabis funding firm York Plains Investment Corp. Story (Jeffrey Jones, for subscribers)

Enercare deal: Brookfield Infrastructure Partners LP is buying Enercare Inc., the home heating and cooling company, for $3.1-billion, adding a major consumer business that fits in with its own house-building and utilities holdings. For Enercare, the deal ends a more than four-month search for a buyer with a hefty premium for shareholders. The company had previously spurned takeover attempt by U.S. private equity firm TPG Capital that would have offered half the value of the BIP transaction, though it has expanded significantly since. Story (Jeffrey Jones and Tim Kiladze, for subscribers)

Commercial real estate: With help from activist investors, Brookfield Asset Management reached a US$11.4-billion deal, including debt, to buy Forest City Realty Trust and gain control of its offices, apartments and buildings in top U.S. cities. Brookfield’s offer of $25.35 per share comes after a major shake up at the Cleveland-based company’s board in March, where nine directors resigned and two activist shareholders gained seats. Story (Rachelle Younglai, for subscribers)

Mortgage growth slows: Canadians took out 6.5 per cent fewer new mortgages in 2017 as home sales slumped, but delinquency rates improved as buyers were better able to afford their monthly payments even as costs rose. Home buyers originated 959,000 new mortgages with a total balance of $264.2-billion in 2017, down 6.5 per cent from 1,025,400 new mortgages with a total balance of $268.7-billion in 2016, according to new data from Canada Mortgage and Housing Corp. Story (Janet McFarland, for subscribers)

Pension funds: The Public Sector Pension Investment Board, which is primarily run out of Montreal and is better known as PSP Investments, has brought on Eduard van Gelderen as its CIO, luring him away from the office of the CIO of the University of California. Mr. Van Gelderen joins PSP a few months after the pension fund named a new chief executive officer. PSP has $153-billion in assets under management. Story (Tim Kiladze, for subscribers)

Big banks: Canada’s housing market is something of a national obsession. It’s understandable. It’s also misguided when it comes to Canada’s banks. It’s all very well for renters to dither about jumping in, or homeowners to fret about what their place will be worth after their kitchen reno. But along with being a tad tedious, all this talk is distracting investors from fundamental improvements in the fortunes of the big banks. Opinion (Andrew Willis, for subscribers)

Fintech: Richard Cochrane thinks he has the solution for a problem that has plagued First Nations online shoppers since the start of the digital age. That solution is his fintech startup, Status Exempt. The 29-year-old entrepreneur has developed a service and plugin for Shopify Inc.’s e-commerce platform that allows First Nations people to shop online without being charged the harmonized sales tax (HST), provincial sales tax or goods-and-services tax. Story (Darren Campbell)

Joint venture: Molson Coors Canada, the country’s second-largest brewer by volume, has found its way into the cannabis sector. The Toronto-based beermaker has agreed to partner with Gatineau, Que.-based marijuana grower Hydropothecary Corp. to launch a new joint venture that will develop cannabis-infused beverages that are non-alcoholic, the two companies said Wednesday. Molson will own 57.5 per cent of the new entity and control three seats on its board of directors, while Hydropothecary will own the rest and control the other two board seats. Story (Christina Pellegrini, for subscribers)

MONDAY FINANCIAL SERVICES AND DEALS NEWS

Commercial real estate: Canada’s Brookfield Asset Management said on Friday it acquired a 99-year lease on a flagship New York office tower controlled by the family of Jared Kushner, the son-in-law of U.S. President Donald Trump, capping a long saga to refinance the building. Story

Big banks: Australia’s four biggest banks have used their dominant position to exploit customers, deliver inferior products, charge exorbitant fees and block competition, according to a new government report calling for more competition and integrity in the industry. Story

Dividends: Britain’s Royal Bank of Scotland will pay its first dividend since it nearly collapsed and took a state bailout in 2008, paving the way for the government to further reduce its stake in the lender. Story

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