TORONTO, June 12 (Reuters) – Empire Co Ltd, the
operator of Canadian grocery chain Sobeys, said it is acquiring
Safeway Inc’s assets in Canada for $5.7 billion, in a
move that will nearly double its reach in the country’s western
The C$5.8 billion deal, Canada’s biggest so far this year,
resulted in generous premiums for Safeway, which said it would
use the proceeds to pay down debt and buy back shares, and its
shares shot up 30 percent in after-hours trade.
TORONTO, June 12 (Reuters) – Empire Company Ltd,
operator of the Sobeys grocery chain, said on Wednesday it is
buying the Canadian arm of Safeway Inc for C$5.8 billion
($5.70 billion), a deal that will nearly double its reach in
Empire said the deal, one of the biggest in the Canadian
retail sector this year, will give it control of 213
full-service grocery stores under the Safeway banner in Western
Canada. It also includes nearly 200 in-store pharmacies, along
with some liquor stores, fuel stations and distribution centers.
TORONTO (Reuters) – Shares of Lululemon Athletica Inc (LLL.TO: Quote, Profile, Research, Stock Buzz) (LULU.O: Quote, Profile, Research, Stock Buzz) plunged on Tuesday on worries that it will not be easy for the high-end yogawear maker and retailer to replace outgoing Chief Executive Christine Day, the company’s very public face.
Day, who announced her surprise departure plans after markets closed on Monday, was behind Lulu’s rapid-fire growth rate and its transition from niche to broad-based appeal. But costly quality control problems also occurred during her tenure.
TORONTO, June 10 (Reuters) – Lululemon Athletica Inc
, its fortunes dented by an embarrassing and
costly recall of excessively see-through pants, said on Monday
that Chief Executive Christine Day will step down once it finds
Lululemon shares slumped as much as 15 percent after the
news of Day’s surprise departure, which came just three months
after the company’s second major quality issue in less than a
year. Lululemon’s chief product officer left in April.
TORONTO (Reuters) – Canada’s Bombardier Inc. (BBDb.TO: Quote, Profile, Research, Stock Buzz) expects no more delays to its C$3.4 billion ($3.30 billion) CSeries jetliner program, the plane maker’s challenge to industry leaders Airbus (EAD.PA: Quote, Profile, Research, Stock Buzz) and Boeing Co. (BA.N: Quote, Profile, Research, Stock Buzz), a senior executive said on Thursday.
“This is a done deal program,” Mike Arcamone, president of the Montreal plane maker’s commercial aircraft division, told Reuters in an interview.
TORONTO (Reuters) – The Canadian dollar is forecast to hold near current levels against the greenback in the year ahead, a Reuters poll showed on Wednesday, with the outlook for the U.S. economy and the risk its central bank will curb stimulus seen driving global currency moves.
The median forecast in the poll of 49 economists and foreign exchange strategists saw the Canadian dollar trading at C$1.03 to the U.S. dollar in one, six and 12 months from now. It is expected to trade stronger at C$1.02 in three months.
TORONTO, June 4 (Reuters) – Bombardier Inc’s much
anticipated CSeries plane has reached 177 firm orders after the
Canadian manufacturer said on Tuesday that a previously
announced deal with Ilyushin Finance Co. won backing from the
Russian company’s investors.
IFC’s order for 32 CS300 aircraft with an option for an
additional 10 was approved by IFC’s shareholders, Bombardier
said on Tuesday. The Russian aircraft leasing company’s
conditional order was first announced in February.
TORONTO, June 3 (Reuters) – Canadian auto sales rose 5.3
percent in May, marking a slowdown from April, but far outpacing
the lackluster 2.4 percent year-to-date growth, according to
DesRosiers Automotive Consultants Inc.
Across Canada, 185,040 vehicles were sold last month, just
shy of the record set in May 2007 when 185,471 cars and trucks
were sold, according to the independent auto analyst who
compiles auto sales data.
TORONTO (Reuters) – Lululemon Athletica Inc (LLL.TO: Quote, Profile, Research, Stock Buzz)’s black “Luon” pants are back on store shelves, the Canadian retailer said on Monday, following a highly-publicized recall in March after the fabric was deemed too transparent.
The company warned in March that it could lose up to $40 million in profit this fiscal year after it pulled its snug-fitting black workout pants made with its signature Luon fabric from stores due to an “unacceptable level of sheerness.”
TORONTO, June 3 (Reuters) – Canada’s manufacturing growth
expanded at its fastest pace in nearly a year in May, according
to data released on Monday, underpinned by new orders which
pushed output back into growth mode for the first time in three
The RBC Canadian Manufacturing Purchasing Managers’ Index
was up sharply at 53.2 in May after adjusting for seasonal
variation, rising from 50.1 in April.