TORONTO/NEW YORK, March 26 (Reuters) – Kinross Gold Corp
has agreed pay $33 million to settle a shareholder
lawsuit that had accused the Canadian gold miner of defrauding
investors through an ill-advised mine acquisition in Mauritania
that has resulted in over $6 billion in writedowns.
According to documents filed with the U.S. District Court
for the Southern District of New York late on Thursday, Kinross
said it settled the matter to eliminate the burden and expense
of continued litigation but denied any wrongdoing.
TORONTO (Reuters) – Toronto-Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz) (TD.N: Quote, Profile, Research, Stock Buzz), Canada’s second-largest lender, said on Thursday it is open to doing small acquisitions in the U.S. market that would allow it to accelerate its branch rollout, especially in the southeastern part of the country.
“We open about 25 to 30 new branches in the U.S. every year right through our footprint, so if there was a smallish tuck-in opportunity in the U.S. Southeast, we would certainly look at it seriously, because it would accelerate our store build-out by a few years,” said Chief Executive Bharat Masrani at a roundtable with media.
TORONTO (Reuters) – Canada’s competition watchdog on Wednesday approved Postmedia’s proposed takeover of Quebecor Inc’s (QBRb.TO: Quote, Profile, Research, Stock Buzz) Sun Media English-language newspapers and digital assets, paving the way for one publisher to control a majority of the English-language dailies across Canada.
The C$316 million ($253 million) deal announced in October is set to transform the country’s newspaper landscape, making Postmedia the owner of competing major local dailies in cities such as Ottawa, Edmonton and Calgary.
TORONTO, March 20 (Reuters) – Bank of Montreal said
on Friday it is suing four of its former bankers and the bank
they are joining, UBS AG, in a bid to retrieve what
they allege was confidential information the bankers took with
them before resigning.
Last week, UBS poached a U.S. team of 15 oil and gas bankers
from BMO in Houston, Texas, weakening the energy dealmaking
capacity of Canada’s fourth-largest bank in the heart of the
U.S. oil and gas industry.
MISSISSAUGA, Ontario (Reuters) – Canada plans to extend and expand its mission against Islamic State militants in northern Iraq, Prime Minister Stephen Harper announced on Wednesday, saying Ottawa would provide more details next week.
The mandate of the six-month Canadian mission ends in early April. Canada has around 70 special forces operating in northern Iraq and has also provided six jets to take part in U.S.-led bombing missions against Islamic State.
TORONTO (Reuters) – When retailer Lululemon Athletica (LULU.O: Quote, Profile, Research, Stock Buzz) pulled its “Define Jacket” off the shelves in 2013, customers were dismayed. When it embarrassingly recalled its signature yoga pants for being too sheer, they rushed for the exits.
Now the jacket is back, and so are customers, and that has helped boost Lululemon’s shares more than 70 percent from their low last June.
By Jonathan Stempel and Euan Rocha
(Reuters) – BlackBerry Ltd (BB.TO: Quote, Profile, Research, Stock Buzz) (BBRY.O: Quote, Profile, Research, Stock Buzz) on Friday won the dismissal of a U.S. lawsuit accusing it of fraudulently inflating its stock price by painting a misleadingly upbeat picture of the prospects for its BlackBerry 10 smartphone line.
U.S. District Judge Thomas Griesa in Manhattan said the plaintiffs failed to show that BlackBerry and top officials materially misled them in touting how well customers were accepting the devices, and failing to take writedowns fast enough when sales proved disappointing.
TORONTO, March 12 (Reuters) – Aequitas Innovations Inc said
on Thursday it has completed a “significantly oversubscribed”
round of funding, raising about C$30 million ($23.6 million)
and broadening its shareholder base ahead of the launch of its
Neo exchange this month.
The Toronto-based firm said indications of interest from
both founding shareholders and new shareholders represented
close to 150 percent of the amount Aequitas originally planned
to raise. It said the offering was distributed to ensure a fair
representation of all market participants and stakeholders.
TORONTO, March 11 (Reuters) – A new Canadian stock exchange
set to launch in late March will offer attractive fees for
market data or waive them altogether in a challenge to the
dominance of TMX Group’s Toronto Stock Exchange (TSX).
Aequitas Innovations Inc said on Wednesday its Neo exchange
will not charge retail investors for access to real-time
displayed market data for securities listed on the primary and
TSX Venture exchanges.
NEW YORK/TORONTO (Reuters) – HumakerUBS AG has poached a U.S. team of some 15 oil and gas investment bankers from Bank of Montreal (BMO), significantly weakening the energy dealmaking capacity at Canada’s fourth-largest bank, people familiar with the matter said.
The moves come amid plummeting oil prices that have prompted banks to try to lure talented energy bankers with deep technical expertise. Such bankers can help them win new investment banking business from companies that want to shed assets.