Transportation, Retail and Markets Correspondent, Canada
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Jul 20, 2011

C$ holds near 2-1/2 month high on BoC comments

TORONTO, July 20 (Reuters) – The Canadian dollar held near
2-1/2 month highs against the U.S. dollar on Wednesday after
the Bank of Canada sounded more hawkish than expected at its
policy meeting on Tuesday, prompting some investors to price in
rate hikes sooner rather than later.

The currency added to its gains after the central bank
released its Monetary Policy Report on Wednesday morning. It
eased modestly following Governor Mark Carney’s press
conference, when the bank signaled it was in no rush to
normalize rates. [ID:nN1E76J0N0]

Jul 14, 2011

TMX’s hostile bidder would prefer its consent

TORONTO (Reuters) – A Canadian consortium would rather woo TMX Group then press forward with its hostile takeover bid, but it says it will do whatever it takes should talks with the Toronto Stock Exchange operator break down.

Maple Group Acquisition Corp says it would like to strike a friendly deal with TMX and believes its C$3.8 billion ($3.96 billion) offer in cash and stock is compelling.

Jul 14, 2011

Canadian growth forecasts cut as U.S. struggles: Reuters poll

TORONTO (Reuters) – Canada’s economic growth outlook for the rest of this year and next has dimmed, hurt by a deepening slowdown in the United States, its biggest trading partner, the latest Reuters poll of economists showed.

The hit to gross domestic product (GDP) will be dramatic in the quarter just passed, according to the survey of 21 economists taken in the past week. GDP growth is expected to slow to 1.5 percent, annualized, from 3.9 percent in January-March.

Jul 13, 2011

Canada 2-year bond auction “well received”

TORONTO, July 13 (Reuters) – Canada’s sale of two-year
government bonds met with firm demand on Wednesday, though the
bid-to-cover ratio was the second lowest this year.

The C$3.5 billion ($3.65 billion) auction produced an
average yield of 1.576 percent, up from 1.572 percent at the
last two-year bond auction in June.

Jul 10, 2011

Maple’s embrace seen tough for TMX to elude

TORONTO, July 10 (Reuters) – Canada’s largest stock market
operator will likely succumb to Maple Group’s C$3.8 billion
($3.96 billion) takeover bid as Bay Street’s bank “guard dogs”
scare off white knights and shareholders opt for hard cash over
promises of growth.

While some markets watchers speculate a rival bid could
still surface for TMX Group (X.TO: Quote, Profile, Research, Stock Buzz), operator of the Toronto
Stock Exchange, analysts and fund managers say few players can
match the financial firepower of the Maple Group consortium.

Jul 6, 2011

Maple confident current TMX bid will succeed

TORONTO, July 6 (Reuters) – Maple Group Acquisition Corp is
confident its current bid for Toronto Stock Exchange operator
TMX Group (X.TO: Quote, Profile, Research) will get both shareholder and regulatory
support, the consortium’s chief representative said.

London Stock Exchange’s (LSE.L: Quote, Profile, Research) rival friendly bid for TMX
collapsed a week ago when it became apparent it did not have
sufficient shareholder support to reach the two-thirds
threshold needed for it to go through.

Jul 6, 2011

Exclusive: Maple confident current TMX bid will succeed

TORONTO (Reuters) – Maple Group Acquisition Corp is confident its current bid for Toronto Stock Exchange operator TMX Group (X.TO: Quote, Profile, Research, Stock Buzz) will get both shareholder and regulatory support, the consortium’s chief representative said.

London Stock Exchange’s (LSE.L: Quote, Profile, Research, Stock Buzz) rival friendly bid for TMX collapsed a week ago when it became apparent it did not have sufficient shareholder support to reach the two-thirds threshold needed for it to go through.

Jul 6, 2011

Maple’s Bertrand confident TMX bid will succeed

TORONTO, July 6 (Reuters) – Maple Group Acquisition Corp is
confident it will get both shareholder and regulatory support
for its C$3.8 billion ($3.94 billion) takeover bid for Toronto
Stock Exchange operator TMX Group (X.TO: Quote, Profile, Research).

“Now that we’ve gone over the very important step of not
having the LSE proposal proceed … we’re of the view that the
70 percent (shareholder support) is, in terms of reaching it,
is very realistic,” Maple’s chief representative, Luc Bertrand,
told Reuters.

Jul 5, 2011

C$ slips as Portugal downgrade drags

TORONTO, July 5 (Reuters) – The Canadian dollar slipped for
a second session against the U.S. dollar on Tuesday after a
major ratings agency downgraded Portugal and as soft euro zone
data and worries about China left investors cautious.

Moody’s Investors Service cut Portugal’s credit rating by
four levels into junk territory, saying there was great risk
the country would need a second round of financing before it
could return to capital markets. The news added to lingering
worries about Greece even as Athens narrowly averted a
default.

Jul 5, 2011

Tough competition czar next big hurdle for TMX bid

TORONTO, July 5 (Reuters) – Canada’s increasingly
aggressive competition watchdog, led by a tenacious former
litigator, poses a major hurdle for the bank-led consortium
trying to buy the country’s biggest stock market operator.

The Competition Bureau, led by Commissioner Melanie Aitken,
has proven its willingness to play hardball with major
opponents, slapping Canada’s biggest phone company with a
multimillion-dollar penalty and spurring its biggest airline to
shelve a major venture.

    • About Solarina

      "I am a Canadian transportation, retail and markets correspondent. I occasionally moonlight in entertainment and lifestyle news. I was formerly a homepage editor for Reuters.com, and an online news editor for Reuters.com, .co.uk and .ca. Life before Reuters included working in China and freelancing in California."
      Joined Reuters:
      2003
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