CALGARY/TORONTO (Reuters) – Malaysia’s state oil company launched a C$4.8 billion ($4.7 billion) takeover of its Canadian joint-venture partner, Progress Energy Resources Corp (PRQ.TO: Quote, Profile, Research, Stock Buzz), on Thursday to gain control of vast shale gas reserves and advance plans to ship gas to Asia.
The bid by Petronas for Progress, at C$20.45 a share, represents a hefty 77 percent premium on the stock’s Wednesday closing price. It spurred investors to drive up the shares of other Canadian producers with shale gas assets at a time when they had been languishing due to depressed gas prices.
TORONTO, June 27 (Reuters) – Loral Space & Communications
Inc has agreed to sell its satellite manufacturing
subsidiary, Space Systems/Loral (SS/L) to Canadian
communications rival MacDonald, Dettwiler and Associates Ltd
for about $875 million.
The deal is set to enhance Macdonald Dettwiler’s position in
the communications arena and creates potential for increased
business with both commercial and government clients.
LONDON/TORONTO (Reuters) – De Beers, the world’s largest diamond miner, considered a bid for BHP Billiton’s (BLT.L: Quote, Profile, Research, Stock Buzz) 80 percent stake in the EKATI diamond mine, but it has decided not to submit an offer for the asset, according to multiple sources involved in the process.
De Beers, soon to be majority owned by miner Anglo American (AAL.L: Quote, Profile, Research, Stock Buzz), entered the auction process late and examined the possibility of an offer, which would have been its first acquisition under its new chief executive and one of its largest. EKATI would also have been only the group’s second deal in Canada, more than a decade after the diamond producer took control of Snap Lake – its first mine outside Africa.
TORONTO, June 8 (Reuters) – Analysts trimmed price targets
on Lululemon Athletica Inc (LLL.TO: Quote, Profile, Research) (LULU.O: Quote, Profile, Research) on Friday, a day
after the yogawear maker and retailer warned the pace of its
rapid sales growth is likely to slow in the current quarter.
The Vancouver-based company reported 25 percent sales growth
from established stores in the quarter to April 29, but said
growth in the current quarter would ebb to low double-digits.
TORONTO, June 6 (Reuters) – Barrick’s surprising ouster of
Chief Executive Aaron Regent on Wednesday raised more questions
than it answered for anxious investors, who are left wondering
why the world’s top gold miner would axe its CEO just a month
after singing his praises.
“I must congratulate you, Aaron, because indeed this company
is firing on all cylinders,” Barrick founder Peter Munk told
shareholders at the company’s May 2 annual meeting. “We do share
your sense of accomplishment and achievement.”
TORONTO, June 6 (Reuters) – Barrick Gold Corp
, the world’s largest gold miner, has ousted Aaron
Regent as chief executive, saying it was frustrated that its
stock has languished since he took the helm three years ago
while bullion prices have surged.
The company said on Wednesday that Chief Financial Officer
Jamie Sokalsky, a nine-year veteran of the company, will replace
Regent, whose tenure was marred by what some analysts consider
to be strategic mistakes.
By Euan Rocha
(Reuters) – Belden Inc, a manufacturer of cable-TV and networking products, said on Tuesday it will buy Canadian rival Miranda Technologies Inc for C$377 million ($362.1 million) to expand its presence in niche markets.
St Louis-based Belden is offering Miranda shareholders C$17 a share for control of the Montreal-based company, which provides technology for television broadcasters to both create and distribute high-definition video.
TORONTO, June 4 (Reuters) – Research In Motion’s share price
slid below $10 on Monday on renewed fears of further declines in
BlackBerry sales just days after the smartphone maker warned
that it expects to report a fiscal first-quarter operating loss.
“Our checks indicate that U.S. BlackBerry sales likely
declined further in May, while inventory remained relatively
stable,” said PacificCrest analyst James Faucette in a note to
TORONTO, June 3 (Reuters) – Royalty companies that raked in
cash from strong precious metal prices in the last three years
look poised to drive a wave of deal activity in the Canadian
mining sector, especially among junior players hungry for
These companies, which fund projects in return for a portion
of future revenues, generated huge amounts of cash flow from
existing deals as the price of gold and silver soared since the
beginning of 2009.
LONDON/TORONTO, May 31 (Reuters) – Canada’s top IT services
firm, CGI Group Inc , agreed to buy larger
Anglo-Dutch rival Logica Plc for $2.64 billion on
Thursday, a move that more than doubles its size and helps serve
multinational clients in Europe.
The deal, funded with debt and a C$1 billion ($965.44
million) cash infusion from CGI’s largest shareholder Caisse de
dépôt et placement du Québec, will allow the Montreal-based
company to cater to its many North American clients that also do
business in Europe.