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Walgreens Eyes Private Equity Buyout

In a development that could reshape the U.S. healthcare landscape, Walgreens Boots Alliance (NASDAQ: WBA)is reportedly in negotiations to sell itself to private equity firm Sycamore Partners. The potential sale, first reported by the Wall Street Journal, has sparked widespread concern about the implications for patient care, employee welfare, and the broader healthcare industry.

Walgreens, one of the largest pharmacy chains in the world with over 12,000 stores across the U.S., Europe, and Latin America, has been grappling with financial difficulties. In October, the company announced plans to close 1,200 stores over three years as part of a cost-cutting initiative aimed at restoring profitability.

You can read more on the matter here.

What’s going on?

• Ontario Premier Counters Trump: No Energy for Key U.S. States if Tariffs Hit (theDeepDive)

• Nearly half of Canadians favour mass deportations and 65% think there are too many immigrants: poll (NP)

• The Body Shop Canada to be sold to Serruya Private Equity (BNN)

• Canada Loses Track of 30,000 People Ordered Deported (theDeepDive)

• Meta says it has donated $1-million to Donald Trump’s inauguration fund (Globe)

• Elon Musk calls Justin Trudeau 'insufferable tool' in new social media post (CTV)

• Newmont Axes Leadership Jobs in Cost-Cutting Frenzy (theDeepDive)

• ECB lowers rates to 3% and paves way for more cuts (FT)

• South Korean President Yoon vows to ‘fight to the end’ as ruling party leans toward impeachment (Globe)

• Postal Strike Drags On as Union, Canada Post Remain Deadlocked (theDeepDive)

• Ontario Premier Doug Ford threatens to cut off energy to U.S. in response to Trump's tariffs (CTV)

What’s the latest?

• ECB: The European Central Bank (ECB) announced its fourth rate cut of 2024, reducing the deposit facility rate to 3% and lowering its inflation forecasts to 2.4% for 2024 and 2.1% for 2025. Economic growth projections were also revised down to 0.7% for 2024 and 1.1% for 2025, with risks tilted to the downside. A larger 50-basis-point cut was discussed but not adopted, as inflation remains close to target but service sector inflation persists.

• Air Canada: Air Canada will offer free Wi-Fi to Aeroplan members on North and Central American flights starting May 2025, expanding to international routes in 2026. Sponsored by Bell, the service will provide streaming-quality internet on Wi-Fi-equipped Air Canada, Rouge, and Express aircraft. Currently, two-thirds of the airline's 737 MAX fleet has Wi-Fi, with upgrades planned for the rest by next year. This move follows similar offerings by competitors WestJet and Porter Airlines.

• Canada Post Settlement: The Canadian Union of Postal Workers resolved an unfair labor practice complaint after Canada Post issued temporary layoff notices to striking workers. A mediated settlement requires Canada Post to notify workers they are not on layoff but allows for future staffing adjustments if needed. The strike, now in its fourth week, involves over 55,000 workers, with key disputes over wages and weekend delivery staffing. Federal mediation remains paused as negotiations stall, while the government declines to intervene.

• The Body Shop: The Body Shop Canada will be sold to Serruya Private Equity Inc., led by Yogen Früz co-founder Michael Serruya, with the deal set to close Dec. 16. The company owes $11.5M-$12.5M to creditors and had sought credit protection earlier this year after closing 33 stores. Serruya plans to franchise the Canadian operations through a deal with the new owner of the brand's U.K. business, Aurea Group.

• Wholesale Prices: The U.S. Producer Price Index (PPI) rose 0.4% in November, exceeding the 0.2% forecast, with an annual increase of 3%, the highest since February 2023. Food prices surged 3.1%, led by a 54.6% spike in egg prices, while core PPI increased 0.2%. Initial jobless claims reached 242,000, surpassing the 220,000 estimate, and continuing claims rose to 1.89 million. Despite inflation concerns, markets anticipate a 0.25% Fed rate cut next week.

Silver's perfect storm w/ Peter Krauth

The stock market and stuff

• Agnico Eagle To Acquire O3 Mining For $1.67 A Share In Cash (theDeepDive)

• Trump crypto venture partners with platform linked to Middle East militants (Reuters)

• Microsoft Votes No on Bitcoin Despite Saylor’s Plea (theDeepDive)

• Texas House introduces bill to establish a strategic bitcoin reserve (CNBC)

• Vale Cuts Jobs Globally as Nickel Market Slump Deepens (theDeepDive)

In the juniors

• Shares Plummet As Syrah Resources Declares Force Majeure Amid Violent Protests in Mozambique (theDeepDive)

• Grid Metals Options Makwa Nickel Project To Teck For $15.7 Million In Exploration Spend, $1.6 Million In Cash (theDeepDive)

• Heliostar Metals To Restart Mining Operations At La Colorada (theDeepDive)

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