Euan's Feed
May 28, 2014

Scotia to sell majority of its stake in CI Financial via offering

TORONTO (Reuters) – The Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz) said on Wednesday it plans to sell the majority of its 37 percent stake in asset manager CI Financial (CIX.TO: Quote, Profile, Research, Stock Buzz) via a secondary offering that could raise as much as C$2.62 billion ($2.4 billion).

The offering, one of the largest in Canadian history, will see Scotiabank sell at least 72 million CI shares for a set price at C$31.60 a share, raising roughly C$2.28 billion.

May 20, 2014

Valeant says improved bid for Allergan won’t be all-cash

LAVAL, QUEBEC, May 20 (Reuters) – Canada’s Valeant
Pharmaceuticals International said on Tuesday it will
not make an all-cash bid for drugmaker Allergan Inc as
many had expected last week when the company said it would
improve its cash and stock offer for the Botox maker.

Michael Pearson, chief executive officer of the Canadian
drugmaker, said Allergan shareholders favored Valeant’s bid and
preferred Valeant equity over more cash.

May 16, 2014

Exclusive: Canada trimmed Russia sanctions to protect business interests

OTTAWA/TORONTO (Reuters) – Canada broke with the United States and did not impose sanctions on two key allies of Russian President Vladimir Putin because the pair had Canadian business interests, according to sources familiar with the matter.

The revelation puts into question the government’s tough line on Russia over the crisis in Ukraine. Prime Minister Stephen Harper recently compared Putin’s actions to those of Adolf Hitler in the run-up to World War Two.

May 16, 2014

Canada trimmed Russia sanctions to protect business interests

OTTAWA/TORONTO, May 16 (Reuters) – Canada broke with the
United States and did not impose sanctions on two key allies of
Russian President Vladimir Putin because the pair had Canadian
business interests, according to sources familiar with the
matter.

The revelation puts into question the government’s tough
line on Russia over the crisis in Ukraine. Prime Minister
Stephen Harper recently compared Putin’s actions to those of
Adolf Hitler in the run-up to World War Two.

May 13, 2014

BlackBerry to let rival systems manage its devices

TORONTO, May 13 (Reuters) – BlackBerry Ltd said on
Tuesday it planned to allow rival mobile device management
players to manage its BlackBerry 10 devices on the internal
networks of their clients, marking a slight shift in strategy
for the embattled technology company.

Waterloo, Ontario-based BlackBerry said VMware Inc
subsidiary AirWatch, Citrix Systems Inc and
International Business Machines Corp would be the first
companies to manage its new line of smartphones on their own
mobile device management systems.

May 13, 2014

BlackBerry aims to reverse emerging market slump with budget handset

JAKARTA/TORONTO (Reuters) – BlackBerry Ltd launched a low-cost touchscreen device in Jakarta, the Z3, as the embattled smartphone maker looks to revive sales in emerging markets like Indonesia where its once-fervent following has shriveled.

The handset, to be presented at a glitzy launch event in the Indonesian capital on Tuesday, is the first in a line of devices being made with FIH Mobile Ltd, a unit of the giant Taiwanese Foxconn Technology Group best known for assembling gadgets like iPhones and iPads for Apple Inc.

May 7, 2014

Encana to double oil output with $3.1 bln U.S. shale deal

TORONTO, May 7 (Reuters) – Canada’s largest natural gas
company Encana Corp said on Wednesday it is
buying producing assets in the Eagle Ford shale field in Texas
from Freeport-McMoRan Copper & Gold for $3.1 billion,
nearly doubling its oil output.

Encana has been concentrating on five shale fields that are
rich in oil and natural-gas liquids to lessen its dependence on
lower-value gas. This transaction will add a sixth focus area
and is aligned with Encana’s growth strategy, the company said.

Apr 28, 2014

Newmont terminates merger talks with Barrick; shares slide

TORONTO (Reuters) – Newmont Mining Corp (NEM.N: Quote, Profile, Research, Stock Buzz) said on Monday it has terminated merger talks with Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) (ABX.N: Quote, Profile, Research, Stock Buzz), slamming its suitor and stating bluntly that talks failed due to the lack of a constructive, mutually respectful dialogue.

Denver-based Newmont broke its silence around the proposed deal on Monday, criticizing Barrick’s outgoing Chairman and founder Peter Munk and its current co-chairman and incoming chair John Thornton.

Apr 25, 2014

Canada energy minister urges U.S. to ‘depoliticize’ Keystone XL

MISSISSAUGA, Ontario (Reuters) – Canada’s new energy minister, Greg Rickford, says he hopes the Obama administration will “depoliticize” its decision on the Keystone XL pipeline, adding he is optimistic that Washington will eventually give the green light to the project, which is stoutly opposed by green groups.

“Obviously we hope sooner rather than later that this is depoliticized, if you will, and that the communities along the pipeline, which include Canada and the United States, can reap the tremendous economic benefits of Keystone,” Rickford told reporters after a speech on Friday.

Apr 24, 2014

Barrick-Newmont make merger headway but divide remains: sources

By Euan Rocha, Nicole Mordant and Soyoung Kim

(Reuters) – The disagreements around the spin-out of certain assets that had snagged merger talks between Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) and its rival, Newmont Mining Corp (NEM.N: Quote, Profile, Research, Stock Buzz), have been resolved but talks are at a standstill for now, said three sources familiar with the matter on Wednesday.

There have been some talks between representatives of both companies since discussions broke down last Thursday, but high-level talks between executives from both sides have yet to resume, said the sources, who asked not to be named due to the sensitive nature of the discussions.

    • 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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