The Globe and Mail - 02.11.2019

Interest rates shown are subject to change at any time. Interest on GICs is calculated annually or compounded annually and paid at maturity, the minimumdepositis$1,000,onlyredeemableatmaturity.

†CDIC coverage up to applicable limits. Home Bank is a wholly owned subsidiary of Home Trust Company. Home Bank and Home Trust Company are separate membersoftheCanadaDepositInsurance

Corporation (CDIC).

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2.55

%

18 MonthGIC

2.50

%

1YearGIC

2.85

%

Ourhigher GICrates 5YearGIC

alwayscomewith

asafelanding

SATURDAY, NOVEMBER 2, 2019 | GLOBEANDMAIL.COM

MARKETS

S&P/TSX 16,594.07 +110.91

DOW 27,347.36 +301.13

S&P 500 3,066.91 +29.35

NASDAQ 8,386.40 +94.04

DOLLAR 76.01/1.3157 +0.02/-0.0003

GOLD (oz.) US$1,511.40 -3.40

OIL (WTI) US$56.20 +2.02

GCAN 10-YR 1.44% +0.03

Encana’smovesouth

ENERGY

Encana’sU.S.shift

addstopressure

onCanadian

banks,lawfirms

OPINION

Ifhistoryisanyguide,anewname

willdonothingforshareholders B9

STRATEGY

Oilproducer'splayforU.S.index

fundsisn'taclearwinner B5

Encana Corp.’sdecision to move its headquarters to the United States is a

stark example of a trend that has seen oil and gas investments shift away

from Canada, forcing banks and law firms to adapt to keep their clients.

As energy companies shift more assets and investments to the U.S., in

response to diminished prospects in Canada and a thirst for new sources

of capital, the fallout reverberates on Toronto’s Bay Street.

ENCANA, B2

JAMES BRADSHAW

CHRISTINE DOBBY

ANDREW WILLIS

BANKOFMONTREAL .............................................B1

COPPERMOUNTAINMINING ................................B14

DESJARDINSGROUP .............................................B15

ENCANA ..................................................................B9

FAIRFAXFINANCIALHOLDINGS .............................B9

FORTIS ..................................................................B15

HUDSON’SBAY .......................................................B5

KBR .......................................................................B14

LYFT ......................................................................B10

SIDEWALKLABS......................................................B8

STARBUCKS...........................................................B10

TCENERGY ............................................................B15

UBER .....................................................................B10

COMPANIES

Pengrowth Energy Corp.has agreed to be taken
over by Cona Resources Ltd. in a deal that keeps its
lenders whole, but leaves little for hard-hit share-
holders.
Pengrowth, which put itself on the auction
block last March, said privately held Cona will pay
5 cents a share for the company, once one of Cana-
da’s most successful income trusts. That puts the
equity price in the deal at about $28-million.
Cona, owned by Waterous Energy Fund, will pay
the debtholders what they are owed, an amount
equal to about $712-million. In addition, sharehol-
ders are being offered a cut of any award Pen-
growth receives as part of a litigation in which it is
involved, the company said, without describing
the case.
PENGROWTH, B8

ConaResourcestobuy

PengrowthEnergyfor

anickelashare

JEFFREY JONES
MERGERSANDACQUISITIONSREPORTER

Bank of Montrealannounced Friday that it will ap-

point George Cope, the long-time chief executive of

BCE Inc., as its next board chair.

Mr. Cope, 58, plans to step down as BCE’s CEO

in January, after leading the telecom giant since

2008.

He will take up his new role at BMO’s March 31

annual meeting.

He is no stranger to the bank, having served as a

director since 2006. But his appointment as chair,

two years after the bank made Darryl White its CEO

at the age of 46, marks a new generation of lead-

ership.

Mr. Cope succeeds outgoing chair Robert Pri-

chard, who departs after 20 years on the board, hav-

ing reached term and age limits.

BMO, B8

LongtimeBCEboss

Copenamednext

chairofBMOboard

JAMES BRADSHAW

CHRISTINE DOBBY

COVER STORY

ALL

DRIED

UP

BayStreetwhippedupa

cannabisfrenzy,butthe

smartmoneygotoutbefore

thebubbleburst.Nowretail

investorsaresufferingand

potcompaniesfacea

financingdrought,with

morecarnagetocome.

MarkRendellandTim

Kiladzereport B6

ILLUSTRATION BY MATTHEW BILLINGTON