HEADLINES

Rogers Communication Buys Final 25% of MLSE, Taking Full Control of Sports Empire

Rogers Communications is buying out the final portion of Maple Leaf Sports and Entertainment from Larry Tanenbaum's Kilmer Sports for C$4.35 billion, giving the telco total control of Canada's lucrative sports empire.

The transaction-which is expected to close in the fourth quarter of this year and will require league approvals in order to go through-consolidates full ownership of the Toronto Maple Leafs, Toronto Raptors, Toronto FC and the Scotiabank Arena under Rogers.

Until recently, MLSE was jointly owned by Canada's two biggest rival telecom companies, Rogers and BCE, alongside Canadian billionaire businessman Larry Tanenbaum.

Canada CPI Expectations Ramped Up Prior to U.S.-Iran Deal, Central Bank Survey Says

Inflation expectations in Canada zoomed upward in the second quarter due to the anticipated impact on elevated energy costs from the conflict in Iran, according to a quarterly business-outlook survey from the Bank of Canada.

The survey indicated that expectations for higher prices--both what firms pay for inputs and what they intend to charge their customers--are at a level last recorded in early 2023.

The second-quarter business-outlook survey, published Monday, provides key data that senior Bank of Canada officials will take into account when they deliver their latest rate-policy decision on July 15, or in nine days. The bulk of the survey was conducted in May, or before the U.S. and Iran struck a deal to allow oil-tanker traffic to resume through the Strait of Hormuz.

Csquare Sets IPO Terms That Could Push Market Cap Above $4 Billion

Csquare unveiled plans for an initial public offering that could give the data-center company backed by Brookfield an initial market capitalization topping $4 billion.

Csquare on Monday said it plans to sell 50 million shares at between $23 and $27 apiece in the IPO.

At the $25 midpoint of that price range, the Coppell, Texas, company said it expects net proceeds of about $1.19 billion, or roughly $1.37 billion if the underwriters exercise an option to buy an additional 7.5 million shares.

Boardwalk REIT Says Asset Sales Continue to Drive Buyback Spend

Boardwalk Real Estate Investment Trust said it continues to scale back its real-estate footprint to fund its share repurchase program.

The Canadian REIT said that it has sold off C$306 million of apartment properties so far this year as it looks to capitalize on a gap between private property values and the trading price of its shares.

During that same period, the company reinvested C$176.6 million into its share repurchase program, it said.

High Tide Adopts Temporary Shareholder Rights Plan

High Tide has adopted a temporary shareholder rights plan to address new retail operator restrictions as it awaits official shareholder approval of its permanent plan.

The TSX-Venture-listed cannabis company said that the new changes include a requirement that any acquiring party must have a cannabis retail operator license in Ontario and British Columbia to avoid any compliance issues.

The changes were made in order to remain in compliance with cannabis laws and to maintain its cannabis license. They are also meant to give all shareholders fair treatment when it comes to any offer to acquire shares in the company as it looks for alternatives to any unsolicited takeover bids, it said.

High Tide said that it will distribute a summary of the terms and conditions of the new rights plan in mid-August, when the officially amended and restated shareholder rights plan will be put to a shareholder vote. If ratified, the plan will be in effect for three years.

Brookfield Approved as Lead Bidder for GoldenPeaks in Bankruptcy Sale

A Houston bankruptcy judge approved Brookfield Asset Management's bankruptcy loan to GoldenPeaks Poland and named it the stalking horse bidder, rejecting creditor arguments that the processes unfairly favored the "insider" investor.

After three days of testimony, Judge Alfredo Perez with the U.S. Bankruptcy Court in Houston greenlighted a loan of about $150 million for the bankrupt European solar energy company, saying GoldenPeaks and its independent directors acted appropriately in marketing the loan.

Judge Perez also approved a fast-tracked sale process with Brookfield serving as the initial bidder to set the minimum price, saying Brookfield's interest in the company as both an equity and debt holder wasn't misrepresented.

DesCartes Systems to Expand Latin America Reach with $30 Million Drivin Acquisition

DesCartes Systems Group is acquiring Chile's Drivin for $30 million, expanding its footprint in the Latin American market.

The Waterloo, Ontario-based logistics technology business said that the up-front consideration will be paid with cash on hand, as well as up to $5 million of potential performance-based consideration.

Drivin uses machine learning and artificial intelligence to optimize routes, manage dispatch and track shipments in real time. The software is designed for distributors, retailers and logistics providers, it said.

Magna Mining Receives C$140 Million Investment from Peruvian Mining Group Alpayana

Magna Mining is getting a C$140 million investment from Peru's Alpayana, granting it a nearly 20% position in Magna.

The Canadian mining company said that Alpayana, a private mining group operating in Peru and Mexico, will acquire 62.2 million shares at a price of C$2.25 apiece by way of a nonbrokered private placement financing.

Magna is a mining company with a strong portfolio of copper, nickel and precious metals assets located in the Ontario's Sudbury mining district. The company operates the McCreedy West Mine and has a pipeline of prospective past-producing properties including Levack, Crean Hill, Podolsky and Shakespeare.

TALKING POINT

Ontario Premier Eyes Energy Self Sufficiency With Proposed Pipeline

By Paul Vieira

OTTAWA--Doug Ford, Ontario's premier, wants his economy solely powered with Canadian energy.

Ford, who leads Canada's most-populous province, said his push for a new pipeline connecting oil-rich Alberta with refining capacity in the border town of Sarnia, Ontario, is about capitalizing on Canada's vast oil-and-gas reserves to create wealth on a regional and national basis.

It also aims to reduce its dependence on energy from other markets, such as the U.S., which under President Trump has become a source of trade tension and uncertainty for the manufacturing-heavy province of Ontario.

"We won't have to worry about relying on anyone else," Ford said in an interview. "For years, people would always ask me, 'Why aren't we using our own Canadian oil?' So that's what we're going to focus on now."

Earlier Monday, Ford and Alberta Premier Danielle Smith unveiled a proposed 2,000-mile pipeline dubbed the Northern Shield Energy Corridor. It is the latest effort by Canada's provinces to champion new infrastructure projects aimed at addressing one of Prime Minister Mark Carney's big policy priorities: the construction of new trade corridors designed to double trade to non-U.S. markets and reduce its economic reliance on America.

The Northern Shield project remains a work in progress, with officials in Ontario overseeing work to determine project costs. Ford said a feasibility study, led by a consortium of engineering and financial firms, could be delivered by the end of 2026.

Late last week, Carney and Smith revealed plans to jointly own a new one-million-barrel-a-day pipeline running from Alberta to southern British Columbia, at an estimated cost of up to 43 billion Canadian dollars, or the equivalent of US$30 billion.

Figures from the Ontario government indicate that 37% of the province's energy comes from petroleum products. The province said it relies almost entirely on imported crude oil delivered from western Canada and the U.S. by interprovincial and international pipelines to four refineries in Ontario. It relies on Quebec and the U.S. to supply about 20% of its refined-fuel product.

Ford said the Carney-led Liberal government "understands that we have to get our own oil, not just here in Ontario but spread right across the world." Ford said this new pipeline to Sarnia, which is across the St. Clair River from Port Huron, Mich., could expand in future years to new and existing ports.

The Ontario premier added that the proposed route gives the Western province of Manitoba an opportunity to explore a possible extension of the pipeline to the subarctic town of Churchill, Manitoba. Manitoba wants federal backing for upgrades to the deepwater Churchill port, which offers the shortest route from Canada's Western provinces to European markets.

Ford has played an outsized role in the U.S.-Canada trade talks. Trump ended talks with Canada last year regarding relief from hefty tariffs on steel and automobiles following Ford's decision to run advertisements on U.S. airwaves about the risks posed by the White House trade policy.

He has also banned the sale of U.S. wines and spirits at nearly 700 Ontario-owned retail liquor outlets. Ford reiterated he won't consider lifting that ban until "we strike a deal" on trade.

The Ford government has benefited from federal financial backing on another big energy initiative: the deployment of four small-modular nuclear reactors in Ontario. Nuclear energy accounts for about 55% of Ontario's electricity needs, and the Carney government is looking to expand the deployment of nuclear power beyond Ontario.

Write to Paul Vieira at [paul.vieira@wsj.com]

Expected Major Events for Tuesday

05:00/JPN: May Indexes of Business Conditions - Preliminary Release

06:00/GER: May Industrial Production Index

06:00/UK: 2Q Lloyds House Price Index: UK Regional Breakdown quarterly release

06:00/UK: Jun Lloyds House Price Index 06:45/FRA: May Foreign trade

10:00/FRA: 1Q OECD Quarterly Labour Market Situation

10:00/FRA: May OECD Harmonised Unemployment Rates

12:30/CAN: May International merchandise trade

12:30/US: May U.S. International Trade in Goods & Services

12:55/US: 07/04 Johnson Redbook Retail Sales Index

14:00/US: Jul RCM/TIPP Economic Optimism Index

14:00/CAN: Jun Ivey Purchasing Managers Index

20:30/US: API Weekly Statistical Bulletin

23:01/UK: Jun KPMG and REC UK Report on Jobs

23:50/JPN: Jun Bank Lending

23:50/JPN: Jun International Transactions in Securities

23:50/JPN: 1Q Revised Balance of Payments

23:50/JPN: May Balance of Payments

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Expected Earnings for Tuesday

Aehr Test Systems (AEHR) is expected to report for 4Q.

Caldwell Partners International Inc (CWL.T) is expected to report for 3Q.

Enerpac Tool Group Corp (EPAC) is expected to report $0.49 for 3Q.

Fathom Holdings Inc (FTHM) is expected to report $-0.06 for 1Q.

Kura Sushi USA Inc (KRUS) is expected to report $-0.01 for 3Q.

Mega Matrix Inc (MPU) is expected to report for 1Q.

Nurix Therapeutics Inc (NRIX) is expected to report $-0.72 for 2Q.

Penguin Solutions Inc (PENG) is expected to report for 3Q.

Saratoga Investment Corp (SAR) is expected to report $0.55 for 1Q.

Scully Royalty Ltd (SRL) is expected to report for Full year.

WeShop Holdings Ltd (WSHP) is expected to report for 1Q.

Wins Finance Holdings Inc (WINSF) is expected to report for Interim.

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This article is a text version of a Wall Street Journal newsletter published earlier today.