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Primavera Capital Acquires Greater China Business of Mead Johnson from Reckitt Benckiser Group

BEIJING, June 5, 2021 /PRNewswire/ — Primavera Capital Group (“Primavera”) today announces that it has signed a definitive agreement with Reckitt Benckiser Group plc (“Reckitt”), a world’s leading consumer health, nutrition, and hygiene company, to acquire the Greater China business of the Mead Johnson Nutrition Company (“Mead Johnson”, the “Company”), a global leading infant formula and nutrition company owned by Reckitt. Following the transaction, Primavera will have a royalty-free perpetual and exclusive license of the Mead Johnson brand in Greater China. This acquisition is another milestone for Primavera in the consumer industry. Going forward, Primavera will fully support Mead Johnson’s growth in China, through innovation, operational improvement, channel optimization, and digital transformation, to further enhance its positioning and growth prospects in China’s large infant nutrition market.Mead Johnson was founded in 1905 in Illinois, USA by Edward Mead Johnson. It is a world-renowned premium infant milk formula brand. In 2009, the Company successfully listed on the New York Stock Exchange, and in 2017 was acquired by Reckitt . Following Primavera’s acquisition, the infant formula and child nutrition business in Greater China will benefit from Reckitt’s supply resources and ongoing collaboration on global R&D innovation. The transaction is subject to customary works council consultation and regulatory approvals.Dr. Fred Hu, founder and chairman of Primavera Capital Group, commented:”We are pleased to acquire the Greater China business of Mead Johnson, a long-established and renowned multinational infant and children nutrition brand. As the controlling shareholder, Primavera is committed to serve tens of millions of Chinese mothers and babies and safeguard their wellbeing.  We look forward to collaborating with Reckitt management, and to continuing to provide customers the highest-quality nutritional products through world-class scientific innovation and R&D capabilities, as well as the strictest safety and quality control.”

Reckitt’s CEO Laxman Narasimhan said, “After a thorough review of our infant formula and nutrition business in China, we have found an excellent home for the business under the ownership of Primavera.  As a result of this transaction, Reckitt’s Nutrition business going forward will have a better and more consistent growth and margin profile.”  At present, China’sRMB150 billion infant milk formula market is the largest in the world, where consumers increasingly demand science and quality. Mead Johnson entered China in 1993 and has developed a broad and deep product portfolio with core brands such as Enfinitas enjoying high brand awareness.HSBC acted as financial advisor to Primavera on the transaction.

Blackstone, Carlyle and Hellman & Friedman to Invest in Medline

NORTHFIELD, Ill., June 5, 2021 /PRNewswire/ — Medline Industries, Inc., the nation’s largest privately held manufacturer and distributor of healthcare supplies with 2020 revenue of $17.5 billion, today announced that it has entered into a definitive agreement through which it will receive a majority investment from a partnership comprised of funds managed by Blackstone, Carlyle and Hellman & Friedman. Following the close of the transaction, Medline will remain a privately held, family-led company. Medline will continue to be led by the Mills family, who will remain the largest single shareholder. The entire senior management team will stay in place. The company plans to use the new resources from the partnership to expand its product offerings, accelerate international expansion and continue to make new infrastructure investments to strengthen its global supply chain. “Making healthcare run better has been our focus for decades. This investment from some of the world’s most experienced and successful private investment firms will enable us to accelerate that strategy while preserving the family-led culture that is core to our success,” said Charlie Mills, Chief Executive Officer of Medline.Medline partners with healthcare providers around the world, delivering products and solutions that reduce costs, increase supply chain efficiency, and improve the quality of care. The breadth of the company’s product portfolio and its dedication to customer service, responsiveness, and partnership provide significant value for its customers.

Joe Baratta, Global Head of Private Equity at Blackstone, said: “The Mills family has built an exceptional business, and we are proud to partner with them and Medline’s management to support the company’s continued strong growth. Large corporate partnerships with family-led companies are an area where we have deep experience and we look forward to investing in Medline’s further expansion.”Steve Wise, Carlyle’s Global Head of Healthcare, said: “We are excited to partner with Medline’s impressive management team to accelerate growth through continued execution, innovation, and investment. With a deep commitment to sustainable value creation, we look forward to leveraging our combined operational capabilities, expansive healthcare network and capital to support organic and inorganic growth initiatives for the Company.”Allen Thorpe, Partner at Hellman & Friedman said: “Medline is known for its unwavering commitment to its customers, providing high-quality medical products that are used to treat patients every day. We are excited to support that commitment and partner with Medline to continue bringing the broadest and deepest capabilities to the healthcare industry.”GIC, Singapore’s sovereign wealth fund, is also investing as part of the partnership. Transaction Details

The investment is expected to be completed in late 2021 and is subject to regulatory approvals and customary closing conditions. Goldman Sachs & Co. LLC acted as lead financial advisor, BDT & Company, LLC acted as financial advisor and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Medline. BoA Securities, Inc., J.P. Morgan, Barclays Capital, Inc., Morgan Stanley, and Centerview Partners are acting as financial advisors to Blackstone, Carlyle, and Hellman & Friedman. Simpson Thacher & Bartlett LLP acted as legal advisor to Blackstone, Carlyle, and Hellman & Friedman.About Medline IndustriesMedline is a healthcare company: a manufacturer, distributor and solutions provider focused on improving the overall operating performance of healthcare. Medline works with both the country’s largest healthcare systems and independent facilities across the continuum of care to provide the clinical and supply chain resources required for long-term financial viability in delivering high quality care. With the size of one of the country’s largest companies and the agility of a family-owned business, Medline is able to invest in its customers for the long-term and rapidly respond with customized solutions. Headquartered in Northfield, Ill. Medline has 28,000+ employees worldwide and does business in more than 110+ countries. Learn more about Medline at www.medline.com.About BlackstoneBlackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $649 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.About CarlyleCarlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Investment Solutions. With $260 billion of assets under management as of March 31, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About Hellman & FriedmanHellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on large-scale equity investments in high quality, growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors including healthcare, software & technology, financial services, consumer & retail, and other business services.  The firm is currently investing its tenth fund, with over $23 billion of committed capital, and has over $70 billion in assets under management as of March 31, 2021. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com. Facebook     Twitter        LinkedIn      YouTube View original content to download multimedia:https://www.prnewswire.com/news-releases/blackstone-carlyle-and-hellman–friedman-to-invest-in-medline-301306393.htmlSOURCE Medline

This Debate Might Have Just Been Settled With Cryptos

InvestorPlace – Stock Market News, Stock Advice & Trading Tips

Being a Pennsylvania native, I have been caught up in many intrastate rivalries in my lifetime.
Source: Shutterstock
Philadelphia versus Pittsburgh. I’m from closer to Philly, so Philly all the way for me.
Same with the Flyers versus the Penguins … and the Eagles versus the Steelers.
Penn State versus Pitt, which I managed to avoid by going elsewhere.

And perhaps the biggest of all … Wawa versus Sheetz.
I’m serious.
While these two convenience store/gas station chains overlap operations in a fairly small portion of the state, the debate over which is better spans from east to west. Opinions are plentiful and intense.
I even know husbands and wives who fall on opposite sides of the argument and are very vocal about their preference.
Well, Sheetz just fired the latest shot in the rivalry with an announcement that has much bigger implications than which one has a better breakfast sandwich…

I’m having a little fun with the whole rivalry thing, but the announcement really is important.

Beginning this summer, Sheetz will allow its customers to pay for purchases with Bitcoin (CCC:BTC-USD) … be it gas at the pump or something inside the store, like an order of their famous mac n’ cheese bites.
And it’s not just Bitcoin.
Other cryptocurrencies — called altcoins — will also be accepted, including Ethereum (CCC:ETH-USD), Litecoin (CCC:LTC-USD) and Dogecoin (CCC:DOGE-USD). Select altcoins have outperformed bitcoin in the past, and I expect them to continue presenting even bigger opportunities.

The setup at Sheetz works through a digital payments network called Flexa, which is still privately held. Flexa instantly converts your cryptocurrencies to dollars so you can pay right there at the store. Sheetz is one of many companies that has explored this option — from Bed Bath & Beyond (NASDAQ:BBBY) to Nordstrom (NYSE:JWN) to Petco (NASDAQ:WOOF) to Whole Foods, which is owned by Amazon (NASDAQ:AMZN).
Actually, paying with Bitcoin is now easier and more widely available than you might realize. It’s all part of the blockchain transformation that is about to change so much in our lives. Especially how we pay for goods and services…
For example, not only can you buy and sell select cryptocurrencies on PayPal (NASDAQ:PYPL), you can also use cryptos to pay for some online purchases. You simply choose that option at checkout.
You can pay using one of an increasing number of crypto debit cards. They work a little bit more like a prepaid card than a debit card associated with your bank account. You must convert whatever coin you are using into dollars, and then load that amount onto the card.
And … since you can get credit cards that reward you for just about anything, you can also get credit cards that earn you cryptocurrencies for your spending. It’s pretty much the same as getting cash back for your purchases, but in this case it is converted into bitcoin or an altcoin.

A lot of people don’t know it yet, but cryptos — and the blockchain technology they are built on are — are going to change everything. The way you buy everyday goods and services … purchase a home … pay your taxes … vote … even how you order a pizza.

This transformation is already underway, but the truly seismic shift — when the massive profits are made — is coming as businesses, consumers and those big-money investors realize what’s going on.
Here is one of my rules of hypergrowth investing:
The MORE a technology changes the world for the better, the MORE revenue it will generate and the BIGGER the gains will be for investors.

That’s why blockchain is going to be so huge. It’s going to touch virtually every industry on Earth.
I’m talking about your financial and banking information … personal healthcare information … proprietary business information … contracts … tax information … credit card payments (and rewards) … real estate transactions … energy… and on and on.
When you control information, you control people. And that’s what’s great about the blockchain — it can’t be controlled by a central power.
That’s why it’s already being called “the new internet” or “Internet 2.0.” It gives the power back to the citizens … to the consumer … to the patient … to the individual. The blockchain can make everything more transparent, efficient and honest.
This is happening right now, and probably only one in 1,000 people understand it. It’s about to unleash a tsunami of new wealth and mint new millionaires and billionaires. The next Bill Gates or the next Jeff Bezos may well be a blockchain entrepreneur.

I believe anyone who acts now could turn a small investment into a lifetime of wealth.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article. 
Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else. Click here to see what Matt has up his sleeve now. 
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Planting in National Parks Underway as Part of Canada's Two Billion Tree Commitment

Taking care of Canada’s forests and protected places plays a key role in the fight against climate change. MARKHAM, ON, June 05, 2021 /CNW/ – As part of the Government of Canada’s commitment to address climate change and protect biodiversity, Parks Canada is mobilizing to plant 150,000 trees this summer in up to 18 national parks from coast to coast.  This includes planting 45,000 trees in Rouge National Urban Park this year alone. Today, Gary Anandasangaree, Member of Parliament for Scarborough—Rouge Park and Helena Jaczek, Member of Parliament for Markham—Stouffville, along with Omar McDadi, Parks Canada’s Field Unit Superintendent for Rouge National Urban Park joined reforestation partners John MacKenzie, CEO of the Toronto and Region Conservation Authority and Rob Keen, CEO of Forests Ontario in Rouge National Urban Park to highlight Canada’s plan to plant two billion trees over the next 10 years. In an announcement on Friday, June 4, the Honourable Seamus O’Regan Jr., Minister of Natural Resources, and the Honourable Jonathan Wilkinson, Minister of Environment and Climate Change and Minister responsible for Parks Canada, provided an update and outlined the next steps of that plan, which is projected to reduce greenhouse gas emissions by up to 12 megatonnes annually by 2050, as well as create up to 4,300 jobs.

Related LinksThe Government of Canada Provides an Update on Planting Two Billion TreesSOURCE Parks Canada

Benzinga's Bulls And Bears Of The Week: Apple, AMC, Disney, GM, Tesla And More

Benzinga has examined the prospects for many investor favorite stocks over the past week.
The past week’s bullish calls the iPhone maker, an aerospace giant and big banks.
The EV leader, an entertainment giant and movie theater operators were among the bearish calls seen.

Summer arrived last week, bringing with it high prices for oil and gasoline, little signs of compromise in Congress on infrastructure spending, and major indexes below all-time highs. Also, the meme stocks started to explode all over again in the past week. And while jobless claims hit a post-pandemic low, the May employment situation report was solid but not spectacular, further easing concerns that the Federal Reserve may taper economic stimulus soon.

The Dow Jones industrials, S&P 500 and Nasdaq all ended the holiday-shortened week fractionally higher, despite a marginal dip into the red midweek.

In other news, airlines are looking optimistic, federal marijuana legalization has a powerful supporter, tariffs are back on the table, and Prime Day and the Worldwide Developers Conference, both highly anticipated, are fast approaching.

Not so eagerly anticipated, foreclosures and evictions appear to be poised to explode at the end of this month.

Through it all, Benzinga continued to examine the prospects for many of the stocks most popular with investors. Here are a few of this past week’s most bullish and bearish posts that are worth another look.

The Bulls

Mark Putrino’s “Is Apple’s Stock About To Rally?” discusses the signs in the charts that shares of Apple Inc. (NASDAQ:AAPL) could be about to stage some type of rebound. The stock was last seen about $20 per share below its 52-week high.

For more on Apple’s prospects, also have a look at What Are The Short- And Long-Term Outlooks For Apple Stock?

In “GM Stock Rallies As Automaker Says It Expects First-Half Results To ‘Significantly’ Outperform Guidance,” Shanthi Rexaline reveals why General Motors Company (NYSE:GM) is optimistic about fiscal 2021.

“Why Cowen Is Bullish On Boeing: ‘2022-24 Look Brighter'” by Wayne Duggan examines how fast improving air traffic is good news for Boeing Co (NYSE:BA), though investors need to take a long-term approach.

For another bullish take, check out Boeing Will Be Flying As High As $300 This Year: Lebenthal.

The strength of the capital markets will continue to act as a tailwind for Goldman Sachs Group Inc (NYSE:GS). So says the analyst featured in Adam Eckert’s “Piper Sandler Analyst Sees More Upside For Goldman Sachs.” Is the stock undervalued at current levels?

See Expert Ratings for Goldman Sachs Group for more on analysts’ expectations for this financial giant.

In Priya Nigam’s “Wells Fargo Stock Could Be A Multi-Year Transformation Story, BofA Says,” discover why Wells Fargo & Co (NYSE:WFC) stock may not reflect the catalysts ahead.

The Bears

Recent headlines about recalls and setbacks in China could not have come at a worse time for electric vehicle pioneer Tesla, Inc. (NASDAQ:TSLA), according to “Do Multiple Tesla Vehicle Recalls Complicate Its Growth Story?” by Shanthi Rexaline.

Also read Musk: Tesla’s ‘Biggest Challenge’ Is Supply Chain, Says It’s Short-Term Issue.

Chris Katje’s “Rich Greenfield Doubles Down On AMC Entertainment Bear Case: ‘There’s No Short Squeeze, This Is Just Factually Bonkers'” shows what really may be happening with AMC Entertainment Holdings Inc (NYSE:AMC) stock.

On the other hand, check out AMC Playing The ‘Game’ Lot Better Than GameStop, Says NYU Professor Aswath Damodaran.

“Chairman Bob Iger Halves Disney Stake After Selling Nearly $100M Worth Of Shares This Week” by Rachit Vats explores why the board chair of Walt Disney Co (NYSE:DIS) significantly reduced his stake in the entertainment colossus.

In “Cantor Lowers Price Target On Tilray’s Stock In Anticipation Of Quarterly Earnings,” Jelena Martinovic looks at what one analyst expects from Tilray Inc. (NASDAQ:TLRY) in the wake of its merger.

Analyst: Canopy’s Earnings Reveal Stable B2B And Impressive CBD Sales; It’s Still The Leader Of The Group offers a bullish take on a cannabis industry rival.

In Phil Hall’s “Goldman Sachs Analyst Downgrades IMAX And Cinemark: What You Need To Know,” find out why the economic reopening isn’t enough for Imax Corp (NYSE:IMAX) and Cinemark Holdings, Inc. (NYSE:CNK).

Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter.

Statement from the Chief Public Health Officer of Canada on June 5, 2021

The COVID-19 pandemic continues to create stress and anxiety for many Canadians, particularly those who do not have ready access to their regular support networks. Through the Wellness Together Canada online portal, people of all ages across the country can access immediate, free and confidential mental health and substance use supports, 24 hours a day, seven days a week.  OTTAWA, ON, June 5, 2021 /CNW/ – Today, I challenge people in Canada of all ages to get out and get moving in honour of National Health and Fitness Day. I hope that this day, celebrated every year with the goal of making Canada the world’s fittest nation, inspires you to look for ways to incorporate movement practices into your day. There are many ways to get physically active, from walking, running, or taking leisurely bike rides, to choosing to take the stairs or dancing to your favourite tunes at home. No matter who you are, physical activity is an important choice you can make for your health. Research has shown that exercise can provide a diverse range of benefits like strengthening your body, supporting brain health, reducing risk of chronic diseases, and reduce risk of injury. Physical activity can decrease stress and improve mood by releasing endorphins, chemicals in the brain that are natural mood boosters. Exercise is also important for healthy growth and development in children and we know that physical activity of parents can help encourage activity in children. Find out more in Canada’s24 Hour Movement Guidelines for Children and Youth.  Remember that physical activity can be adapted to fit your own needs. Try choosing something you enjoy doing, or getting active as a family. The past year has been challenging and has had an impact on the mental health and wellbeing of many people across the country. Increasing your activity level is one way to promote positive mental and physical wellbeing. Canada, get ready to #ShowUsYourMoves – use this hashtag, as well as #NHFD2021, on social media to share your favourite activity for healthy living.This is also an opportunity to join the 2021 ParticipACTION Community Better Challenge, a national physical activity initiative that aims to find Canada’s Most Active Community, taking place throughout the month of June.

As COVID-19 activity continues in Canada, we are tracking a range of epidemiological indicators to monitor where the disease is most active, where it is spreading and how it is impacting the health of Canadians and public health, laboratory and healthcare capacity. At the same time, the Public Health Agency of Canada is providing Canadians with regular updates on COVID-19 vaccines administered, vaccination coverage and ongoing monitoring of vaccine safety across the country. The following is the latest summary on national numbers and trends, and the actions we all need to be taking to reduce infection rates, while vaccination programs expand for the protection of all Canadians. Since the start of the pandemic, there have been 1,389,508 cases of COVID-19 and 25, 679 deaths reported in Canada; these cumulative numbers tell us about the overall burden of COVID-19 illness to date. They also tell us, together with results of serological studies, that a large majority of Canadians remain susceptible to COVID-19. However, as vaccination programs expand at an accelerated pace, there is increasing optimism that widespread and lasting immunity can be achieved through COVID-19 vaccination over the coming weeks and months. As of June 4, provinces and territories have administered over 25.2 million doses of COVID-19 vaccines.As immunity is still building up across the population, public health measures and individual precautions are crucial for COVID-19 control. Thanks to measures in place in heavily affected areas, the strong and steady declines in disease trends continues. The latest national-level data show a continued downward trend in disease activity with an average of 2,339 cases reported daily during the latest 7 day period (May 28-June 3), down 31% compared to the week prior. . For the week of May 23-29, there were on average of 78,089 tests completed daily across Canada, of which 3.8% were positive for COVID-19, compared to 4.7% the week prior. Until vaccine coverage is sufficiently high to impact disease transmission more broadly in the community, we must sustain a high degree of caution to drive infection rates down to a low, manageable level, and not ease restrictions too soon or too quickly where infection rates are high. With the considerable decline in infection rates nationally, the overall number of people experiencing severe and critical illness is also declining. Provincial and territorial data indicate that an average of 2,344 people with COVID-19 were being treated in Canadian hospitals each day during the most recent 7-day period (May 28-June 3), which is 19% fewer than last week. This includes, on average 1,006 people who were being treated in intensive care units (ICU), 14% fewer than last week. Likewise, the latest 7-day average of 34 deaths reported daily (May 28-June 3) is declining, showing a 21% decrease compared to the week prior.Canada is continuing to monitor and assess genetic variants of the SARS-CoV-2 virus, including impacts in the Canadian context. Overall, variants of concern (VOCs) represent the majority of recently reported COVID-19 cases across the country. The World Health Organization has established new simplified labels for variants of concern using letters of the Greek alphabet. Four VOCs (B.1.1.7 (Alpha), B.1.351 (Beta), P.1 (Gamma), and B.1.617, which includes B.1.617.2 (Delta)) have been detected in most provinces and territories, however, the Alpha variant continues to account for the majority of genetically sequenced variants in Canada. Evidence demonstrates that the Alpha and Delta variants are at least 50% more transmissible. As well, the Gamma, Beta, and Delta variants each have certain mutations, which may have an impact on vaccine effectiveness, although the evidence is still limited. Nevertheless, we know that vaccination, in combination with public health and individual measures, are working to reduce spread of COVID-19.

As vaccine eligibility expands, Canadians are urged to get vaccinated and support others to get vaccinated as vaccines become available to them. However, regardless of our vaccination status, it is important to remain vigilant, continue following local public health advice, and consistently maintain individual practices that keep us and our families safer, even as we’re beginning to see the positive impacts of COVID-19 vaccines: stay home/self-isolate if you have any symptoms, think about the risks and reduce non-essential activities and outings to a minimum, avoid all non-essential travel, and maintain individual protective practices of physical distancing, hand, cough and surface hygiene and wearing a well-fitted and properly worn face mask as appropriate (including in shared spaces, indoors or outdoors, with people from outside of your immediate household). For more information regarding the risks and benefits of vaccination, I encourage Canadians to reach out to your local public health authorities, healthcare provider, or other trusted and credible sources, such as Canada.ca and Immunize.ca. Working together, Health Canada, the Public Health Agency of Canada, the National Advisory Committee on Immunization, Canada’s Chief Medical Officers of Health and other health professionals across the country are closely monitoring vaccine safety, effectiveness and optimal use to adapt approaches. As the science and situation evolves, we are committed to providing clear and evidence-informed guidance in order to keep everyone in Canada safe and healthy.Canadians can also go the extra mile by sharing credible information on COVID-19 risks and prevention practices and measures to reduce COVID-19 in communities. Read my backgrounder to access more COVID-19 Information and Resources on ways to reduce the risks and protect yourself and others, including information on COVID-19 vaccination.SOURCE Public Health Agency of Canada

Power Sustainable announces the exercise of options to acquire shares of Lion Electric

MONTREAL, June 5, 2021 /CNW Telbec/ – Power Sustainable Capital Inc. (“Power Sustainable”) today announced the exercise (the “Transaction”), through its wholly-owned subsidiary Power Energy Corporation (“PEC”), of options to acquire common shares (“Shares”) of the Lion Electric Company (“Lion”) from certain shareholders of Lion. The Transaction will be completed pursuant to a previously announced agreement dated November 27, 2020 among PEC and other shareholders of Lion under which such shareholders granted to PEC options to acquire up to 13,212,480 Shares (“PECOptions”), subject to certain terms and conditions. Pursuant to the exercise of 10,941,585 PEC Options, PEC will acquire 8,891,812 Shares, on a cashless net settlement basis. Before the Transaction, Power Sustainable held 58,409,354 Shares, which represented approximately 30.99% of the issued and outstanding Shares on a non-diluted basis. Following the Transaction, Power Sustainable will beneficially own and exercise control over 67,301,166 Shares, which will represent approximately 35.70% of the issued and outstanding Shares on a non-diluted basis and, assuming the exercise in full of the remaining PEC Options (representing up to an additional 2,270,895 Shares), approximately 36.91% of the issued and outstanding Shares.Power Sustainable, through PEC, holds the Shares and the PEC Options for investment purposes and, pursuant to nomination rights granted to PEC by Lion, has designated certain nominees to serve on Lion’s board of directors. Power Sustainable may increase or decrease its investment in Lion through a prospectus offering, on the open market, in private transactions, pursuant to registration rights that have been granted to PEC by Lion, or otherwise, on such terms and at such times as Power Sustainable may deem advisable depending on market conditions and other relevant factors, including expiry of a 180-day lock-up period agreed to with Lion.For further information or to obtain a copy of the corresponding early warning report, which is also available under Lion’s profile on www.sedar.com, please contact:Delia CristeaGeneral Counsel and SecretaryPower Sustainable Capital Inc.751 Victoria SquareMontreal, QuébecH2Y 2J3Tel.: (514) 286-7400

About Power SustainablePower Sustainable is a global multi-platform alternative asset manager. Along with our partners we invest in and champion significant, sustainable projects to benefit our societies and create long-term value for all. We currently operate three distinct platforms: Power Sustainable China builds on decades of relationships in China to invest in sustainable business models; Energy Infrastructure invests in the development, construction, and operations of renewable energy infrastructure assets across North America; and Clean Energy Private Equity holds investments in Lion and Lumenpulse. Power Sustainable has offices in Montréal, Toronto, Shanghai, Beijing and New Jersey and is a wholly owned subsidiary of Power Corporation of Canada. For more information, visit www.powersustainable.com.Power Sustainable relies on Part 5 of National Instrument 62-103 in respect of aggregation relief relating to any securities that may be held by Great-West Lifeco Inc. and its subsidiaries, IGM Financial Inc. and its subsidiaries, and any investment fund managed by entities within the Power Corporation of Canada group of companies.Lion’s head office is located at 921 chemin de la Rivière-du-Nord, Saint-Jérôme, Québec, Canada, J7Y 5G2.SOURCE Power Sustainable Capital Inc.

Government of Canada continues fight against Illegal, Unreported and Unregulated Fishing

OTTAWA, ON, June 5, 2021 /CNW/ – June 5th is the International Day for the Fight against Illegal, Unreported, and Unregulated (IUU) Fishing.Illegal, unreported, and unregulated fishing poses a serious risk to our global oceans and economy. It threatens the livelihoods of law-abiding fish harvesters and it damages our marine ecosystems, and the countless lifeforms they sustain.  The scale of its threat cannot be ignored. IUU fishing accounts for about 30 per cent of all fishing activity worldwide, removing up to 26 million tonnes of fish from our oceans annually. It can generate up to $23 billion a year in illegal profits. The Government of Canada has taken strong, consistent action to stop IUU fishing around the world. Some valuable Canadian fish stocks—such as tuna and salmon—also share ecosystems or migrate into areas where an increased threat of IUU fishing exists. With 75,000 Canadians employed in the fishing and aquaculture sector, the government will continue working hard to protect these livelihoods and the valuable resources they depend on.To combat IUU fishing, the Government of Canada launched the new Dark Vessel Detection program. This program is providing state-of-the-art satellite data and analysis to small island nations and coastal states—like Ecuador—where IUU fishing is a significant concern.

We are also working  with our international partners to support the rules-based international order that ensure sustainable international fisheries and oceans management. Canada played a leading role in the development of the 1995 UN Fish Stocks Agreement – the international treaty that created the framework for the development of regional fisheries management organizations to manage fish stocks in the high seas. Canada’s international efforts also include ratifying the United Nations Agreement on Port State Measures to Prevent, Deter and Eliminate Illegal, Unreported and Unregulated Fishing.The Government of Canada will continue to harness the collective capabilities of Fisheries and Oceans Canada, the Department of National Defence and the Canadian Armed Forces, Global Affairs Canada, and Canada Space Agency to fight IUU fishing.The Honourable Bernadette Jordan, Minister of Fisheries, Oceans and the Canadian Coast GuardQuick Facts

Since 2018, the Government of Canada has honoured its commitment to fight IUU fishing by:Ratifying the United Nations Agreement on Port State Measures to Prevent, Deter and Eliminate Illegal, Unreported and Unregulated Fishing, which will give fishery officers enhanced powers to prevent illegally harvested fish and seafood products from entering the international market through Canadian ports. Participating in the Canadian Space Agency’s RADARSAT Constellation Mission, which will launch three new satellites to provide data for a wide range of uses, including maritime surveillance. Ratifying the Agreement to Prevent Unregulated High Seas Fisheries in the Central Arctic Ocean, which prohibits commercial fishing in the high seas portion of the central Arctic Ocean while research is conducted to learn about the ecosystem and the potential for future sustainable harvesting. Contributing $1.2 million to Global Fishing Watch to support the continued growth of its free, open-source mapping platform to track and analyse fishing activity around the world. In 2020, contributing over $200 thousand to support their Marine Manager portal to support marine spatial planning, MPA management, and scientific research. Launching the $7 millionDark Vessel Detection program to locate and track vessels whose location transmitting devices have been switched off, sometimes in an attempt to evade monitoring, control and surveillance.Associated LinksCanadian Space Agency (RADARSAT Constellation Mission): https://www.asc-csa.gc.ca/eng/satellites/radarsat/default.aspStay ConnectedFollow the Canadian Coast Guard on Twitter, Facebook, Instagram and YouTube. Subscribe to receive our news releases and more via RSS feeds. For more information or to subscribe, visit https://www.dfo-mpo.gc.ca/media/rss-eng.htm.SOURCE Fisheries and Oceans (DFO) Canada

How Juul founders’ dream to disrupt Big Tobacco left teens hooked on vaping

In 2018, Caleb Mintz sensed something wasn’t right about a presentation given at his school, the renowned Dwight School on the Upper West Side. 

Someone had been brought in to supposedly teach Mintz, then a ninth-grader, and his classmates about the dangers of tobacco and vaping. But the speaker had been sent by Juul Labs, the company behind the discreet vaping device that Mintz and nearly all of his friends had tried. 

The man gave a pretty standard spiel except, Caleb noticed, he kept mentioning how safe Juul was. 

After the presentation, Caleb and a friend asked the speaker how they might help a pal addicted to nicotine. The man — who wrongly assumed the friend was addicted to cigarettes (he actually had a vaping problem) — took out his Juul to show the boys how it worked. 

“I really felt like there was an ulterior motive,” Caleb told author Jamie Ducharme, who reports on the company in her new book “Big Vape: The Incendiary Rise of Juul.” 

Indeed there was. In 2018, Juul gave at least three private and public schools $10,000 or more to participate in their Education and Youth Prevention Program, whose stated purpose was “to educate youth on the dangers of nicotine addiction.” (Dwight said it received no money for participation.) 

But the curriculum never mentioned the role of marketing and social media in getting people hooked, the author reveals. In fact, Ducharme writes that experts thought “Juul seemed to be attempting to imply that other forms of e-cigarettes were risky to use but that the Juul was not,” she writes. 

Juul Labs has encouraged teen vaping, according to a new book, which reveals the company even sent a representative to Manhattan’s Dwight School (right) to extoll the safety of its e-cigarettes.Shutterstock; Alamy

In her book, Ducharme shows how Juul was started with the intention of creating a healthier alternative to Big Tobacco, but ended up becoming part of it. And while the vaping device’s inventors were repeatedly cautioned about how their creation might appeal to teens, they ignored such warnings, resulting in an epic Silicon Valley downfall. 

“They let history repeat itself, walking the path laid by Big Tobacco as they pushed out flashy advertisements, sent their representatives into schools, and, finally, accepted billions of dollars from the largest cigarette maker in the country,” Ducharme writes. 

Juul started from an idealistic place. Co-founders James Monsees and Adam Bowen were friends and classmates in the prestigious graduate program in product design at Stanford University in the aughts, and they were both smokers. On a cigarette break in 2004, the two men realized they didn’t want to be beholden to tobacco sticks anymore. 

So they set about feverishly developing a portable product that would deliver nicotine in a safer way than cigarettes, helping those who were addicted to cigs and hoping to be a boon to public health. 

“If they couldn’t find a way to quit smoking, they would invent one themselves,” writes Ducharme. 

But some of their professors worried that they were moving too quickly, former classmate Colter Leys recalled. 

“From an academic point of view, I think it was like, ‘Wow, that’s cool, but let’s try to investigate some of the different options that this could be,’ ” Leys said. “And I think James and Adam were kind of like, ‘Let’s drive ahead.’ ” 

The duo did agree to do more research. An archive of internal tobacco industry documents had just been made public at a nearby university, and they dove into it. 

Both smokers, Monsees and Bowen first met at Stanford University, where they designed an e-cigarette for a thesis presentation.Alamy (2)

But while the files offered a cautionary tale, they were also a “gold mine” for “two graduate students trying to turn a bright idea into a blockbuster product,” Ducharme writes. “Without ever holding a focus group, they could analyze market research about consumer preferences and tastes. They could sift through internal memos to learn how tobacco companies had sold their products to just about any and every demographic — including, as they admitted, teenagers.” 

In 2005, the two men presented their thesis project, a portable vape pen they called the Ploom that would heat little pods of flavored tobacco to create nicotine-laced clouds that could be inhaled. Their design took inspiration both from Nespresso coffee pods and the hookahs popular with college kids at the time. 

“It turns out actually that burning tobacco is the real problem,” Monsees said in his presentation. “Nicotine is addictive, clearly, but it’s not the nicotine that’s really hurting you; it’s mostly the combustion [burning of tobacco leaves and additives] that’s a problem.” 

Upon graduation, Monsees and Bowen launched a startup in San Francisco, collecting money from various venture capitalists to turn their design into a reality. They released their first product, the Ploom ModelOne, in 2010, but it was plagued with problems. It relied on butane fuel and users had to carry around a little can of the stuff to refill it as needed; it also was known to shock customers. 

It cracked the code of delivering ‘smoke’ without fire, and it did so in a way that people found irresistible.author Jamie Ducharme on the success of Juul

Still it showed promise and, in 2011, Japan Tobacco Inc. — the fourth-largest tobacco company in the world — invested $10 million in Ploom. 

Fueled by that cash influx, Ploom released a different vaporizer, the Pax, in 2012. It didn’t use butane but instead required users to fill a small compartment with loose-leaf tobacco, that was then heated and vaporized by an internal battery. It was sleek and chic, drawing comparisons to Apple products, but it came with a steep $250 price tag. Both the ModelOne and the Pax were released into a marketplace of uncool e-cigarettes and next-to-no oversight from the FDA, which wasn’t able to regulate tobacco products of any sort until 2009 — and didn’t start regulating e-cigarettes until 2016. 

“All anyone needed to get into the vaping business was an idea and a credit card,” Ducharme writes. “[At the time], there wasn’t even a federal law on the books that made it illegal to sell e-cigarettes to minors, although many were implemented at the state level.” 

The Pax was a success, but Monsees and Bowen knew they needed to create a more modestly priced product to achieve broad sales. And they needed a gadget that would deliver a stronger hit of nicotine. Adam would vape “all day long and still find himself with nicotine cravings,” Ducharme writes. 

Most e-cigs at the time relied upon freebase nicotine, which can be harsh to inhale, so the founders started looking into using a nicotine salt — a mix of nicotine and acid pioneered in the 1970s. Thanks to that formulation, the Juul was born, packing a strong buzz in an elegant package. Thin and just under 4 inches in length, it resembled a USB drive. It activated automatically when a user inhaled, and featured a light that turned green when charged, red when the battery was low, and flashed rainbow when waved about. 

Juul’s “Vaporized” ad campaign appealed to young adults and teens.

“Beautifully constructed, eminently usable, and scientifically sophisticated, the Juul was perhaps the first e-cigarette that actually stood a chance of dethroning combustible cigarettes,” Ducharme writes. “It cracked the code of delivering ‘smoke’ without fire, and it did so in a way that people found irresistible.” 

A big, fashionable party at a huge industrial loft space in Chelsea kicked things off. There were buzzy DJs, food from a former “Top Chef” contestant, free-flowing alcohol, and lots of Juuls scattered about for the taking. A sexy marketing campaign called “Vaporized” furthered Juul’s appeal — targeting “New York trendsetters” and “cool kids” to counter the douchey reputation vaping had at the time. The ads ran in youth-oriented outlets like Vice magazine and YoungHollywood.com, a celebrity-focused Web site, as well as on Times Square billboards and in convenience stores and retail spaces. The campaign “bore more than a passing resemblance to old advertisements for cigarette brands like Kool, Lucky Strike, and Parliament,” Ducharme writes. 

The company also sent out products to hundreds of influencers and celebs, including Leonardo DiCaprio and Bella Hadid, who was only 19 at the time. 

“Juul’s ads may not have been made with kids in mind — indeed the company has strongly and repeatedly said they were not — but they certainly appealed to people who held a lot of sway with teenagers,” Ducharme writes. 

Then-supply chain head Paul Moraes actually recalls voicing concerns about the advertising. 

“It didn’t take someone with a Ph.D. to say, ‘Hey guys, follow the logical conclusions of where this is going to go,’ ” he told Ducharme. 

The company gave out Juul e-cigarettes to teen influencers like Leonardo DiCaprio (left) and Bella Hadid (right).Splash News; Getty Images

Moraes also remembers Monsees passionately stressing around that time that Juul was for adult smokers, but both he and Bowen saw the Vaporized campaign before it went up and didn’t stop it. 

The gadget wasn’t an immediate hit, but it eventually became one, as word of mouth increased, e-cigs in general became more popular, and a greater number of convenience stores carried the Juul. In 2017, Juul Labs sold 16.2 million vaporizers, and one out of every three vapes sold in the country was a Juul. By 2018, Juul Labs reportedly accounted for roughly 70 percent of the e-cigarette market in the US. In mid-2018, Juul was valued at $15 billion, and it had sailed past the $10 billion “decacorn” benchmark faster than Twitter, Facebook and Snapchat. 

And it was hardly just middle-aged smokers looking to quit cigs buying them. In a study from late 2018, the journal Tobacco Control found that nearly 10 percent of teenagers between the ages of 15 and 17 had tried a Juul. That same year, roughly 50 percent of Juul’s Twitter followers were under age 18. There was a system in place on the Juul Web site that didn’t allow anyone under 21 to buy the products, but in a sloppy technical glitch, those who failed the age verification were still targeted with marketing e-mails. And teens who wanted to get their hands on them could easily do so via third-party sellers, eBay, or just lax clerks at the many convenience stores selling them. 

In December of 2018, Altria, the parent company of Philip Morris, paid $12.8 billion for a 35 percent share in Juul. That valued Juul Labs at $38 billion, making it worth more than Airbnb, Lyft and SpaceX at the time. Monsees and Bowen became what they had sought to disrupt — members of Big Tobacco. 

Co-founder James Monsees testified before Congress about Juul’s role in the youth vaping epidemic.AP

Many working for the company felt sickened by what Juul had become, but they also profited handsomely. Employees, now numbering over 1,000, reportedly received bonuses averaging around $1.3 million each from the Altria deal. 

“It was the Silicon Valley dream come to life, for no more so than James, Adam, and their executive team,” Ducharme writes. 

But in 2019, the dream came to an abrupt end when previously healthy teens started to become gravely ill with pneumonia-like symptoms. A 16-year-old varsity swimmer from Michigan could only be saved by having one of the first-ever double-lung transplants. By the end of August 2019, the CDC had counted nearly 200 cases of EVALI: E-cigarette or vaping-associated lung injury. 

In August 2019, Bowen and Monsees were called to testify before Congress about Juul’s role in the epidemic of youth vaping. 

“We never wanted any non-nicotine user, and certainly nobody underage, to ever use Juul products,” Monsees said. “Yet the data clearly shows a significant number of underage Americans are doing so. This is a serious problem. Our company has no higher priority than fighting it.” 

Federal data released in 2019 found 27.5 percent of high schoolers and 10.5 percent of middle schoolers had used an e-cigarette in the past month. Juul was the mostly commonly cited brand by those surveyed. 

It was eventually discovered that THC vapes, not Juul, were the issue causing the EVALI, but many conflated Juul with vaping in general. Profits fell from $745 million in the second quarter of 2019 to $157 million in the fourth quarter of the same year amid the scandal and increased regulation. 

Today, Monsees no longer works for the company, while Bowen does some part-time consulting. But their invention has left both men rich. And while vaping amongst teens is on the decline, it remains prevalent. The research around the dangers of vaping tobacco is inconclusive, with most experts believing it’s safer than smoking cigarettes but still dangerous. 

After the Juul speaker came to Caleb Mintz’s school, his furious mother, Meredith Berkman, launched an advocacy organization called Parents Against Vaping E-cigarettes. In a 2020 NPR interview, she reflected on Juul’s popularity. 

“It’s no longer the teen favorite,” she said. “Juul is almost old school.” 

When kids do want a puff nowadays, they’re increasingly reaching for disposable, single-use e-cigarette like the Puff Bar, which packs a similar punch as Juul for less money. 

If Juul’s rollout had been handled differently, some believe it could have actually been a good thing for society and public health, especially as studies have shown that e-cigarettes can be effective at helping some people quit smoking. 

As one former high-ranking Juul employee told Ducharme: “It was a colossal missed opportunity, starting from the board to the management team to the early science into what’s now going to be a lesser product line for Altria. 

“If you could have asked for a worse outcome, aside from bankruptcy, I’d love to hear it. That’s a tragedy.”