TORONTO, March 4 (Reuters) – Major Drilling Group
International Inc reported a quarterly net loss on
Monday, as the financing crunch in the mining sector pushed
metal and mineral exploration companies to cut back and delay
Shares of the Moncton, New Brunswick-based company dropped
after the results. It also warned that volatility in the mining
sector would significantly affect revenue in the current
TORONTO, March 4 (Reuters) – The war of words between
fertilizer maker Agrium Inc and its biggest shareholder,
Jana Partners, escalated on Monday with Agrium slamming the
hedge fund’s plan to split the company in a letter to investors
ahead of its annual meeting next month.
Calgary, Alberta-based Agrium, which has begun mailing its
proxy circular to shareholders ahead of the meeting on April 9,
said Jana’s plan is an “ill-conceived scheme” that will destroy
TORONTO, March 3 (Reuters) – A three-year surge in
exploration spending in the mining industry is likely to come to
a grinding halt this year after running up against lackluster
metal prices and a sharp fall-off in financing for miners with
early stage exploration projects.
That is the conclusion of a new report which warns that
persistent uncertainty over global economic growth will crimp
the spending flow, especially for early-stage, entrepreneurial
explorers that are the industry’s lifeblood.
TORONTO (Reuters) – Rare earth producer Molycorp Inc (MCP.N: Quote, Profile, Research, Stock Buzz) is delaying its quarterly results and its annual report as it has yet to determine the size of a goodwill impairment charge that will be recorded in the fourth quarter, the company said on Thursday.
Molycorp, which last month warned of significantly lower-than-estimated revenue and cash flow for the first half of this year, said it expects the goodwill impairment charge to be “substantial,” sending its shares tumbling more than 9 percent in trading before the morning bell.
TORONTO, Feb 26 (Reuters) – Canadian securities regulators
want to change the rules on takeover defenses to make it more
difficult for hostile bidders to buy Canadian companies, aiming
to set up a national framework for dealing with corporate
raiders, according to regulatory officials and lawyers briefed
on the matter.
The plan, due to be published in draft form on March 14, is
designed to bring more coherence to Canada’s regulatory regime
after provincial regulators have issued contrasting rulings on
so-called “poison pill” defenses in recent takeover bids, the
TORONTO, Feb 26 (Reuters) – First Quantum Minerals Ltd
may extend its hostile C$5.1 billion ($4.97 billion) bid
for rival base metal miner Inmet Mining Corp by a few
days, President Clive Newall said on Tuesday.
“There are a number of regulatory hurdles to go over, and we
hope they’ll all be done by tomorrow, but we may need to extend
slightly,” Newall said while addressing investors at the BMO
Metals & Mining conference in Hollywood, Florida.
TORONTO (Reuters) – The contentious $15.1 billion takeover of Canadian oil and gas company Nexen Inc (NXY.TO: Quote, Profile, Research, Stock Buzz) by Chinese state-owned entity CNOOC Ltd (0883.HK: Quote, Profile, Research, Stock Buzz) closed on Monday, more than seven months after China’s largest-ever foreign takeover was announced.
Nexen, based in Calgary, Alberta, said in a statement on Monday that the deal had closed and its shareholders would receive $27.50 in cash for each Nexen share.
TORONTO, Feb 15 (Reuters) – The Canada Pension Plan
Investment Board, one of the world’s biggest pension funds, said
on Friday investment returns grew in its fiscal third quarter as
global equity markets strengthened.
Returns for the period, ended Dec. 31, received an added
bump from one of the largest energy deals of 2012 – the takeover
of Canadian natural gas producer Progress Energy by Malaysian
state oil company Petronas for C$5.17 billion ($5.16 billion).
TORONTO (Reuters) – KEYreit (KRE_u.TO: Quote, Profile, Research, Stock Buzz), a real estate investment trust that owns small retail properties across Canada, on Friday rejected an unsolicited partial takeover bid from Huntingdon Capital Corp (HNT.TO: Quote, Profile, Research, Stock Buzz), saying the proposal was inadequate and coercive.
Richmond, British Columbia-based Huntingdon, which already owns 5.4 percent of KEY’s issued and outstanding trust units, made its offer in January. It wants to acquire a further 6.6 million, or 45 percent, of KEY’s units for C$7 each in cash.
Feb 12 (Reuters) – The drawn out battle between Agrium Inc
and its largest shareholder Jana Partners looked set
for a bruising proxy battle on Tuesday, a day after the activist
hedge fund rejected Agrium’s call for a truce.
The fertilizer maker and farm products retailer threw down
the gauntlet late on Monday by nominating David Everitt and Mayo
Schmidt as independent board members, passing over five nominees
that Jana has proposed for election to Agrium’s board.