Euan's Feed
Nov 25, 2013

BlackBerry replaces CFO, others exit, in executive shakeup

TORONTO (Reuters) – BlackBerry Ltd said on Monday that three top executives, including its chief financial officer, are stepping down as recently appointed Chief Executive John Chen embarks on his promised shakeup at the struggling smartphone maker.

Chen, brought in as interim CEO earlier this month after the company dropped a plan to sell itself, said BlackBerry is setting its marketing sights on corporations, governments and the big clients that were at the root of its early success.

Nov 25, 2013

BlackBerry replacing CFO; two other top execs leaving

TORONTO (Reuters) – BlackBerry Ltd said on Monday that three top executives, including its chief financial officer, are stepping down as part of a widely expected shake-up after it named an interim chief executive and shelved plans to sell itself.

James Yersh is replacing Brian Bidulka as CFO, although Bidulka will stay on as an adviser through the end of the fiscal year.

Nov 19, 2013

DSM to fold pharma arm into venture with private equity firm

AMSTERDAM/TORONTO (Reuters) – Dutch food and chemicals group DSM (DSMN.AS: Quote, Profile, Research, Stock Buzz) will spin off its pharmaceuticals unit into a new joint venture majority-owned by private equity firm JLL Partners as the company shifts its focus toward higher-margin products.

New York-based JLL will merge the DSM business with that of Toronto-based drug maker Patheon Inc (PTI.TO: Quote, Profile, Research, Stock Buzz), forming a joint venture boasting some $2 billion in annual sales that the companies said on Tuesday will be a leader in manufacturing medicines for pharmaceutical companies.

Nov 15, 2013

Activist investors trim positions in Tim Hortons’ stock

TORONTO (Reuters) – U.S. hedge funds Scout Capital Management and Highfields Capital disclosed in regulatory filings that they have trimmed their stakes in Tim Hortons (THI.TO: Quote, Profile, Research, Stock Buzz) after shares in the Canadian coffee and doughnut chain posted big gains.

The two activist investors had urged Tim Hortons to increase debt levels to fund a share buyback, as well as address concerns about its U.S. expansion, and to name directors to the board who have more financial expertise.

Nov 11, 2013

Manulife to expand private asset management business

TORONTO, Nov 11 (Reuters) – Manulife Financial Corp
, Canada’s largest life insurer, said on Monday it plans
to expand its private asset management business, allowing
clients its such as pension funds to invest in timberland,
farmland, real estate and private equity assets.

Toronto-based Manulife, which manages money for pension
plans, sovereign wealth funds, endowments and midsized insurers,
said the expansion will open up a range of new investment
opportunities for such clients and institutional investors.

Nov 9, 2013

Barrick Gold signals founder Peter Munk to step down

TORONTO/NEW YORK (Reuters) – Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) signaled on Friday that founder and Chairman Peter Munk will likely leave the board at next year’s annual meeting, a move that sources say is intended to persuade reluctant investors to buy into the miner’s $3 billion equity offering.

Sources familiar with the situation say banks underwriting the deal have struggled to sell as much as a third of the shares on offer. Investors have become increasingly concerned about Barrick’s governance, especially what many see as the board’s lack of independence and Munk’s dominant role in the boardroom.

Nov 8, 2013

EXCLUSIVE: BlackBerry board rejected proposals to break up company – sources

NEW YORK/TORONTO (Reuters) – BlackBerry Ltd’s (BB.TO: Quote, Profile, Research) board does not believe a break-up of the Canadian smartphone maker is currently in its best interests, even though Microsoft Corp (MSFT.O: Quote, Profile, Research), Apple Inc (AAPL.O: Quote, Profile, Research) and Lenovo Group Ltd (0992.HK: Quote, Profile, Research), among others, have expressed interest in acquiring parts of the company, according to people familiar with the discussions.

The board rejected proposals from several technology companies for various BlackBerry assets on grounds that a break-up did not serve the interest of all stakeholders, which include employees, customers and suppliers in addition to shareholders, said the sources, who did not want to be identified as the discussions were confidential.

Nov 8, 2013

Exclusive: BlackBerry board rejected proposals to break up company – sources

NEW YORK/TORONTO (Reuters) – BlackBerry Ltd’s board does not believe a break-up of the Canadian smartphone maker is currently in its best interests, even though Microsoft Corp, Apple Inc and Lenovo Group Ltd, among others, have expressed interest in acquiring parts of the company, according to people familiar with the discussions.

The board rejected proposals from several technology companies for various BlackBerry assets on grounds that a break-up did not serve the interest of all stakeholders, which include employees, customers and suppliers in addition to shareholders, said the sources, who did not want to be identified as the discussions were confidential.

Nov 8, 2013

BlackBerry board rejected proposals to break up company -sources

NEW YORK/TORONTO, Nov 8 (Reuters) – BlackBerry Ltd’s
board does not believe a break-up of the Canadian smartphone
maker is currently in its best interests, even though Microsoft
Corp, Apple Inc and Lenovo Group Ltd
, among others, have expressed interest in acquiring
parts of the company, according to people familiar with the
discussions.

The board rejected proposals from several technology
companies for various BlackBerry assets on grounds that a
break-up did not serve the interest of all stakeholders, which
include employees, customers and suppliers in addition to
shareholders, said the sources, who did not want to be
identified as the discussions were confidential.

Nov 8, 2013

Barrick Gold signals its founder, Peter Munk, to step down

TORONTO, Nov 8 (Reuters) – Barrick Gold Corp
signaled on Friday that founder and Chairman Peter Munk will
step down sometime before the company’s annual meeting next
year, a move that would follow prolonged investor pressure for
changes on the gold miner’s board.

Munk, 86, has always driven Barrick’s agenda: he started the
company in 1983 and forged it into the world’s largest gold
producer. But recent missteps have raised questions about the
leadership of a man once viewed as a mining-industry
visionary.

    • About Euan

      "Euan Rocha covers mining and minerals in Canada, where he focuses on gold, base metals and fertilizer companies. Euan, who is currently based in Toronto, has previously worked with Reuters in the United States and India. While based in New York for four years, Euan headed the Reuters Alerts team, before moving on to cover the U.S. chemical industry. Euan began his career with Reuters in Bangalore, India in 2004."
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