TORONTO/VANCOUVER (Reuters) – Goldcorp Inc (G.TO: Quote, Profile, Research, Stock Buzz) would rather walk away from its hostile bid for Osisko Mining Corp (OSK.TO: Quote, Profile, Research, Stock Buzz) than pay too much for its fellow Canadian gold miner, Goldcorp Chairman Ian Telfer said on Tuesday, although he did not rule out raising the bid.
Goldcorp, the world’s second biggest gold producer by market value, has several other growth opportunities, including the opening of two mines this year, and is doing “extremely well,” Telfer said.
TORONTO, March 25 (Reuters) – TMX Group Ltd, the
operator of the Toronto Stock Exchange and the TSX Venture
Exchange, said on Tuesday it plans to launch a new business to
allow capital raising and the trading of securities of privately
The move to launch the business appears to be a pre-emptive
gambit to thwart the threat posed by privately-held Aequitas
Innovations Inc, which is in the process of seeking regulatory
approval in order to launch a new Canadian stock exchange.
TORONTO, March 25 (Reuters) – The Canada Pension Plan
Investment Board said on Tuesday it will invest $250 million in
the Chinese real estate market through a new venture with China
Vanke Co Ltd, the nation’s largest residential
The pension fund manager said the venture, which marks its
first substantial real estate investment in the country since a
small foray back in 2008, will focus on residential development
projects in large cities across China, starting in the city of
Qingdao in the Shandong Province.
TORONTO, March 21 (Reuters) – Loblaw Cos Ltd,
Canada’s largest grocer, said on Friday Canada’s competition
watchdog has approved its C$12.4 billion ($11 billion)
acquisition of Shoppers Drug Mart Corp, the country’s
biggest pharmacy chain.
The deal cements Loblaw’s No. 1 position in Canada at a time
when competition from domestic retailers such as Sobeys and U.S.
retailers such as Wal-Mart Stores and Target is
OTTAWA/TORONTO, March 19 (Reuters) – Joe Oliver brings a
sense of gravitas to his new job as Canada’s finance minister,
an asset the governing Conservatives will want to emphasize as
they prepare to fight an election against young but popular
Liberal leader Justin Trudeau.
Oliver is 73 and spent decades working on Toronto’s Bay
Street, the heart of Canada’s financial industry, before
becoming natural resources minister after his election to
Parliament in 2011. He was named finance minister on Wednesday,
replacing Jim Flaherty, who resigned the day before.
TORONTO (Reuters) – Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) said on Monday it plans to sell about 13.5 percent of its holdings in its majority-owned subsidiary African Barrick Gold (ABGL.L: Quote, Profile, Research, Stock Buzz).
Toronto-based Barrick, which currently owns a roughly 303.25 million shares in African Barrick, is selling 41 million shares. The gold miner will still own a majority stake of just over 60 percent in the Africa-focused miner following the close of the transaction.
VANCOUVER/TORONTO, March 9 (Reuters) – Private equity firms
are going underground.
In the past, they have largely shunned mining acquisitions,
as the volatility of commodities prices and cash flow made it
difficult to structure leveraged deals. Those concerns are on
TORONTO, March 3 (Reuters) – Vale’s Canadian unit
has resumed work on its Copper Cliff Deep nickel project in the
Sudbury basin and expects to complete a feasibility study by the
end of the year, a company executive said on Monday.
The project is expected to cost somewhere in the range of a
billion dollars to build and could be one of the unit’s
lower-cost operations, said Kelly Strong, Vale’s vice president
of Ontario and UK operations.
March 3 (Reuters) – Osisko Mining Corp has settled
a lawsuit it filed against Goldcorp Inc in reaction to
Goldcorp’s hostile takeover bid for the Canadian gold miner, a
move that might lead to a negotiated deal or buy Osisko time to
find a white knight.
Montreal-based Osisko sued Goldcorp, one of the world’s
biggest gold miners, in January to try to foil the C$2.6 billion
($2.35 billion) takeover bid, but it said on Monday it has
agreed to terminate the lawsuit.
TORONTO, Feb 27 (Reuters) – Canada blocked a joint venture
of two of the country’s biggest wireless carriers from grabbing
more airwaves on Thursday, sending the latest pointed message
that their dominant positions would be challenged in the fight
to win over consumers.
The government said it had declined a request to transfer 83
wireless spectrum licenses from NextWave to Inukshuk, which is
owned by Rogers Communications and BCE Inc’s
Bell Canada unit.