FRANKFURT/TORONTO (Reuters) – German potash producer K+S (SDFGn.DE: Quote, Profile, Research, Stock Buzz) said on Thursday it has received a takeover proposal from larger Canadian fertilizer producer Potash Corp of Saskatchewan Inc (POT.TO: Quote, Profile, Research, Stock Buzz), potentially marking the start of a new takeover saga in the industry.
K+S said it was assessing its options. Two sources close to the matter however, said K+S will likely reject the 7 billion euro ($7.8 billion) takeover offer as being too low. The sources said the offer values K+S at just over 40 euros a share.
TORONTO, June 25 (Reuters) – Acasta Enterprises Inc plans to
raise C$275 million ($222.08 million) through an initial public
offering in Toronto, joining a line of special purpose
acquisition corporations (SPACs) with high-profile backers
raising public capital to pursue acquisitions.
Toronto-based Acasta, which is targeting an acquisition in
North America, plans to sell some 27.5 million units at C$10 a
unit to list on the Toronto Stock Exchange, the company said
WATERLOO, Ontario (Reuters) – BlackBerry Ltd (BB.TO: Quote, Profile, Research, Stock Buzz) (BBRY.O: Quote, Profile, Research, Stock Buzz) said on Tuesday its turnaround gained traction as sales at its crucial software segment rose in the first quarter and its broader revenue slide began to ease, sending its shares up 4.3 percent.
Quarterly revenue totaled $658 million in the quarter, slightly lower than the prior period, but software revenue more than doubled from a year ago to $137 million as the company pivots to that segment.
TORONTO, June 19 (Reuters) – The head of Fairfax Financial
Holdings, which bet on the success of a turnaround in
Greece last year, urged the country to reach a deal with its
counterparts in the euro zone on Friday and remain a part of the
“My message is get a deal done, as removing uncertainty for
Greece will be a major positive and it will drive a recovery in
the Greek economy,” Prem Watsa, the chief executive of Fairfax
and a well known contrarian investor, told Reuters.
TORONTO, June 17 (Reuters) – Alignvest Acquisition Corp, an
investment company set up primarily to buy an operating asset,
said on Wednesday it is raising almost double the money it set
out to generate via an initial public offering on the Toronto
The Toronto-based company said it plans to sell 22.5 million
units at C$10 a unit and raise C$225 million ($184 million). It
had initially set out to raise C$125 million by selling 12.5
million units at C$10 apiece.
TORONTO, June 13 (Reuters) – Fairfax Financial Holdings
has called a special meeting of its shareholders to
decide on a change that will preserve Prem Watsa’s voting stake
in the firm he has built and run for more than three decades.
Watsa, a famed contrarian investor often dubbed “Canada’s
Warren Buffett,” has grown Fairfax’s common shareholders’ equity
from around $8 million in 1985 to $8.8 billion today.
TORONTO (Reuters) – BlackBerry Ltd’s move to embrace Android may be aimed at lifting revenue from its software and device management segment, but analysts say it may inadvertently give its device arm a fillip and a new lease on life.
“From the standpoint of marketing, this is a great way for BlackBerry to get visibility. It really doesn’t hurt them much, and the upside is high,” said Rob Enderle, who runs technology consulting firm Enderle Group.
TORONTO (Reuters) – BlackBerry (BB.TO: Quote, Profile, Research, Stock Buzz) is considering equipping an upcoming smartphone with Google Inc.’s (GOOGL.O: Quote, Profile, Research, Stock Buzz) Android software for the first time, an acknowledgement that its revamped line of devices has failed to win mass appeal, according to four sources familiar with the matter.
The move would be an about-face for the Waterloo, Ontario-based company, which had shunned Android in a bet that its BlackBerry 10 line of phones would be able to claw back market share lost to Apple’s (AAPL.O: Quote, Profile, Research, Stock Buzz) iPhone and a slew of devices powered by Android.
TORONTO (Reuters) – Chip Wilson, who founded Lululemon Athletica Inc (LULU.O: Quote, Profile, Research, Stock Buzz) and left its board earlier this year after disagreements with fellow directors, is now looking to potentially sell his family’s estimated $1.3 billion stake in the yogawear maker.
A sale would give Wilson a huge war chest to throw into his family’s latest venture – Kit and Ace – a Canadian apparel start-up. The retailer is set to open stores in Australia, Britain and Japan this year.
TORONTO (Reuters) – The Canada Pension Plan Investment Board (CPPIB), already a major global investor, has signalled even greater ambitions with a $12 billion (7.8 billion pounds) transaction with GE Capital that insiders and advisors said may herald larger deals.
The C$264 billion ($213 billion/138 billion pounds) pension fund manager’s decision not to seek a partner for the purchase of GE’s private equity lending portfolio also highlights its growing confidence and suggests it may go it alone more often on future buys.