TORONTO, July 23 (Reuters) – Struggling with long delays in
its CSeries jetliner, aircraft maker Bombardier Inc on
Wednesday announced it will reorganize its business structure
and cut 1,800 jobs, and it said the head of its aerospace
division would retire.
The Montreal-based company is splitting its aerospace unit
into three segments focused on business aircraft, commercial
aircraft and aerostructures and engineering services.
TORONTO (Reuters) – Canada’s largest telecom company, BCE Inc, said on Wednesday it will pay C$3.95 billion ($3.68 billion) to take regional telecom Bell Aliant BA.TO private, buying the 56 percent stake it does not already own to cut expenses and bolster its offerings in Atlantic Canada.
Toronto-based BCE said the deal will result in C$100 million in annual cost savings, partly due to the elimination of duplicate public company costs.
TORONTO, July 21 (Reuters) – Worried they are being given
the cold shoulder by an imperious leadership, shareholders of
Barrick Gold Corp, the world’s biggest gold miner, are
taking a “show me” approach to the company’s latest management
Barrick said last week that Chief Executive Jamie Sokalsky
will leave the company in September. He will be replaced by two
co-presidents, a move that concentrates power in the hands of
Executive Chairman John Thornton, a man handpicked for the job
by Peter Munk, who founded the company and ran it his way for
TORONTO/VANCOUVER, July 16 (Reuters) – Barrick Gold Corp
said on Wednesday its chief executive officer will step
down in September and not be replaced, concentrating power in
the hands of the miner’s new executive chairman, John Thornton.
The world’s biggest gold miner appointed two co-presidents
to help run the company after Jamie Sokalsky’s departure as CEO.
TORONTO (Reuters) – BlackBerry Ltd’s (BBRY.O: Quote, Profile, Research, Stock Buzz) shares took a beating on Wednesday after IBM Corp (IBM.N: Quote, Profile, Research, Stock Buzz) outlined plans to partner with Apple Inc APPL.O to sell iPhones and iPads loaded with applications for business users.
The Apple-IBM tie up, beginning this fall, is set to target the customer base that BlackBerry needs to woo as part of a turnaround under new Chief Executive Officer John Chen.
TORONTO, July 7 (Reuters) – The Canadian government said on
Monday it will auction more wireless spectrum early next year,
with more than half the airwaves set aside for newer players
that have struggled to win business from the country’s three
dominant telecom companies.
The Conservative government hopes the auction of the
high-frequency spectrum, known as AWS-3, will encourage
investors to pour money into some of these smaller players,
which include Wind Mobile and Mobilicity. This would help them
better compete against the big three: BCE Inc’s Bell,
Rogers Communications Inc, and Telus Corp.
TORONTO, July 2 (Reuters) – Tuckamore Capital Management Inc
, which invests in early- and mid-stage private
companies, said on Wednesday it believes a leading proxy
advisory firm’s recommendation against a proposed management-led
buyout of Tuckamore is flawed.
The buyout plan, backed by private equity firm Birch Hill
Equity Partners, has already faced significant public opposition
from shareholders that control close to 30 percent of
Tuckamore’s shares. Earlier this week proxy advisory firm ISS,
or Institutional Shareholder Services, advised its clients not
to back the proposal.
TORONTO, June 26 (Reuters) – Tuckamore Capital Management
Inc fired back at dissident investor Access Holdings
Management Co LLC on Thursday, saying that Access had previously
tried to seize control of Tuckamore without paying a premium to
Earlier this week, Access said it plans to vote the shares
it controls against Tuckamore’s proposed management-led buyout
as it materially undervalues the holding firm that invests in
early- and mid-stage private companies across sectors.
TORONTO, June 24 (Reuters) – Two large groups of investors
that control roughly 20 percent of the shares of Tuckamore
Capital Management Inc have gone public with their
discontent over a management-led buyout of the firm, being
sponsored by Birch Hill, a private equity player.
Canso Investment Counsel Ltd and Access Holdings Management
Co, in separate statements, said they plan to vote shares they
control against the controversial transaction as it materially
undervalues Tuckamore, a holding firm that invests in early- and
mid-stage private companies across all sectors.
TORONTO (Reuters) – Canadian engineering and construction company SNC-Lavalin Group Inc (SNC.TO: Quote, Profile, Research, Stock Buzz) said on Monday that it would acquire British energy services provider Kentz Corp (KENZ.L: Quote, Profile, Research, Stock Buzz) for about 1.164 billion pounds ($1.98 billion) in cash to expand its offerings in the oil and gas sector.
Montreal-based SNC said the acquisition of Kentz would allow it to carry out larger and more complex oil and gas projects. The deal would also give SNC a much greater presence in key growth regions such as the Middle East, North America and Asia Pacific.