TORONTO (Reuters) – Loblaw Co Ltd (L.TO: Quote, Profile, Research, Stock Buzz), which last month announced a C$12.4 billion ($11.9 billion) deal to buy Shoppers Drug Mart Corp (SC.TO: Quote, Profile, Research, Stock Buzz), will submit its application to the competition bureau after investors vote on the deal next month, Shoppers’ chief executive said on Wednesday.
Shareholders of pharmacy chain Shoppers are expected to approve the acquisition, Canada’s biggest deal so far this year, when they vote at a special meeting on September 12, CEO Domenic Pilla told Reuters.
TORONTO, Aug 23 (Reuters) – The rail company whose oil
tanker train blew up in a Quebec town last month, killing 47
people, will be allowed to continue operating through Oct. 1
after providing insurance documentation demanded by Canadian
The Canadian Transportation Agency (CTA) said on Friday it
would let Montreal, Maine and Atlantic Railway (MMA) and its
Canadian subsidiary keep trains moving for now. Earlier this
month it had ordered MMA to cease operations, saying the railway
lacked adequate insurance.
TORONTO (Reuters) – A Toronto policeman charged with second degree murder in the shooting death of an 18-year-old who brandished a knife on a streetcar was released on C$510,000 ($491,000) bail on Tuesday.
Outlining a rare murder charge against an on-duty police officer, the Toronto police force’s Special Investigations Unit said on Monday it had grounds to believe that Constable James Forcillo broke the law in the death of Sammy Yatim.
TORONTO, Aug 14 (Reuters) – Rona Inc, Canada’s
largest home-improvement retailer and distributor, reported a
wider-than-expected second-quarter loss on Wednesday, weighed
down by restructuring costs and tough market conditions.
Results sent Rona shares down as much as 4.5 percent. Shares
were off 2.6 percent at C$10.97 in early afternoon trading.
Aug 9 (Reuters) – Canadian auto parts maker Magna
International Inc reported a 19 percent rise in its
quarterly profit on Friday and raised its sales outlook for the
year, buoyed by better-than-expected European and North American
The results sent Magna’s stock, which have soared some 70
percent so far this year on the Toronto Stock Exchange, to an
all-time high on Friday.
(Reuters) – Tim Hortons Inc (THI.TO: Quote, Profile, Research, Stock Buzz), the Canadian coffee and doughnut chain under shareholder pressure to boost returns, said on Thursday it was expanding its buyback plan by C$900 million ($863.4 million) and its new CEO called the challenging environment the “new reality.”
The company, led since July 2 by long-time Nestle SA (NESN.VX: Quote, Profile, Research, Stock Buzz) executive Marc Caira, also announced plans for its business in the United States that are in line with demands of activist investors who want the company to cut back on the investment of its own cash in the United States and turn to well-capitalized franchisees.
(Reuters) – Tim Hortons Inc (THI.TO: Quote, Profile, Research, Stock Buzz), the Canadian coffee and doughnut chain that has been facing pressure by shareholders, said on Thursday it was expanding its share buyback plan by C$900 million ($863.4 million) as it cut its growth forecast even though quarterly profit topped estimates.
The company, led since July 2 by long-time Nestle executive Marc Caira, also announced plans for its business in the United States that are in line with demands of activist investors who have urged the company to cut back on the investment of its own cash in the United States and turn to franchisees.
TORONTO, Aug 2 (Reuters) – Canada’s SNC-Lavalin Group Ltd
unexpectedly reported a quarterly net loss and lowered
its financial forecast for the year on Friday following charges
on projects in two North African countries.
The company’s shares fell 6 percent to C$40.44 on the
Toronto Stock Exchange.
TORONTO (Reuters) – Canadian auto sales soared more than 7 percent to a record high for the month of July, industry data released on Thursday showed, with Chrysler (FIA.MI: Quote, Profile, Research, Stock Buzz) outselling Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) and General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) and Japan’s three big automakers all with double digit gains.
A total of 158,993 new vehicles were sold last month, beating the record set in July 2005, according to DesRosiers Automotive Reports.
Aug 1 (Reuters) – Canadian plane and train maker Bombardier
Inc reported a 22 percent rise in second-quarter
profit on Thursday as its train business grew, but pushed back
the date when its all-new C-Series plane will be ready for
Bombardier Inc, the world’s fourth largest
planemaker and largest trainmaker, insisted the new plane would
still enter service a year from the first flight. It has already
pushed back that first flight three times and now says it is due
to fly in the coming weeks.