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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

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

Nov 8, 2013

BlackBerry offers bumper package to new CEO

TORONTO, Nov 7 (Reuters) – BlackBerry Ltd will pay
its new interim CEO a base salary of $1 million, a bonus of up
to twice that amount as well as stock awards potentially worth
some $85 million, in the hopes of turning around Canada’s most
prominent technology company.

John Chen, the second consecutive chief executive officer at
BlackBerry to receive a bumper package, will have to help the
embattled smartphone maker regain its footing and win back
market share ceded to the likes of Apple’s iPhone and a
range of devices that run on Google Inc’s Android
operating system.

Nov 6, 2013

No love lost for BlackBerry, Watsa after surprise deal

NEW YORK/TORONTO, Nov 6 (Reuters) – BlackBerry Ltd’s
decision to accept a $1 billion cash injection from a group of
investors led by Canadian financier Prem Watsa shocked other
potential bidders for the smartphone maker and has left some
investors crying foul.

With the investment deal, BlackBerry abruptly ended an
auction process that many investors had hoped would have led to
a sale of the company or some of its assets, ending a long
decline in its fortunes as a public company. BlackBerry has bled
market share in recent years, as it struggled to compete with
Apple Inc’s iPhone and devices running Google Inc’s
Android software.

Nov 5, 2013

BlackBerry calls off sale, spurring doubts and stock plunge

TORONTO/NEW YORK (Reuters) – BlackBerry Ltd abandoned on Monday its plan to sell itself and said its CEO is stepping down, sparking a 16 percent dive in its share price and raising fears the struggling smartphone maker is running out of options.

After a two-month review of strategic options and talks with potential buyers that included Facebook, Lenovo and private equity firms such as Cerberus Capital Management LP, BlackBerry said it will abandon a sale. Instead, it will raise $1 billion by issuing convertible notes to a group of long-term investors including its largest shareholder, Fairfax Financial Holdings.

Nov 4, 2013

New BlackBerry boss John Chen out to prove skeptics wrong

Nov 4 (Reuters) – John Chen, the man charged with breathing
life into struggling BlackBerry Ltd , says he
has no intention of killing the money-losing BlackBerry handset
as he looks to turn around the smartphone maker.

“I know we have enough ingredients to build a long-term
sustainable business,” Chen said in a telephone interview with
Reuters. “I have done this before and seen the same movie

Nov 4, 2013

BlackBerry says it has no plans to shut handset unit

By Euan Rocha and Jim Finkle

(Reuters) – BlackBerry Ltd has no plans to shut down its loss-making handset business, incoming interim Chief Executive John Chen said on Monday, adding that the smartphone maker has sufficient resources to stage a turnaround.

“I know we have enough ingredients to build a long-term sustainable business,” Chen said in a telephone interview with Reuters. “I have done this before and seen the same movie before.”

Nov 4, 2013

BlackBerry calls off sale, will replace CEO

TORONTO (Reuters) – BlackBerry Ltd is abandoning a plan to sell itself and will raise about $1 billion from its largest shareholder and other institutional investors as it tries yet again to revive its fortunes.

The smartphone maker said on Monday that Chief Executive Officer Thorsten Heins would leave in about two weeks, as soon as the private placement of convertible debentures closes.

Nov 1, 2013

Barrick offering lands with a thud, shares slide

TORONTO (Reuters) – A massive public share offering from Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) proved a tough sell, market sources said on Friday, as the price of gold dropped and investors digested news that the miner had shelved a key growth project.

Toronto-based Barrick said late on Thursday it would issue up to $3.45 billion worth of common shares at $18.35 a share in a deal to pay down part of its heavy debt load.

Oct 31, 2013

Barrick to shelve much-delayed Pascua-Lama, for now

TORONTO (Reuters) – Barrick Gold Corp (ABX.TO: Quote, Profile, Research) said on Thursday it would stop development of its Pascua-Lama mine in South America indefinitely, a surprise reversal on a project that has already cost the world’s largest gold producer more than $5 billion.

Pascua-Lama, which Barrick has been counting on to provide a large share of its future gold production, has been plagued by political opposition, permitting issues, labor unrest, cost-overruns and a sharp drop in bullion prices.

    • 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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