TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (18,990.32, up 289.65 points.)
Bombardier Inc. (TSX:BBD.B). Industrials. Unchanged at 97 cents on 21.9 million shares.
Bank of Nova Scotia. (TSX:BNS). Financials. Up 38 cents, or 0.48 per cent, to $79 on 13.9 million shares.
Power Corp. of Canada. (TSX:POW). Financials. Down two cents, or 0.06 per cent, to $33.01 on 7.6 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Up 77 cents, or 1.98 per cent, to $39.62 on seven million shares.
StageZero Life Sciences Ltd. (TSX:SZLS). Health care. Down 47 cents, or 29.94 per cent, to $1.10 on 6.7 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up eight cents, or 6.11 per cent, to $1.39 on 6.3 million shares.
Companies in the news:
Canadian Pacific Railway Ltd. (TSX:CP). Up $3.17 to $483.17. Canadian Pacific Railway is facing scant opposition so far over its US$25-billion bid for Kansas City Southern in a turn of events from prior takeover efforts. Wasatch Railroad Contractors, a rail-oriented business in Wyoming, made the initial filing with the U.S. Surface Transportation Board arguing against the deal. Chairman and CEO John Rimmasch wrote that the merger would allow a Canadian-based railroad a dominating monopoly in the United States and create the only rail system with direct ownership of track and trackage rights to Canada, the U.S. and Mexico. Global food corporation Cargill Inc. urged the regulator to apply current merger rules when evaluating the proposal, saying the industry has changed significantly since 2001 when Kansas City was granted a waiver. Meanwhile, Calgary-based CP Rail demonstrated support for its takeover bid by filing nearly 260 statements from shippers and supporters, including those seeking a swift review of the transaction.
Quebecor Inc. (TSX:QBR.B). Up seven cents to $33.81. Videotron says it has acquired Cablovision Warwick Inc., a Quebec cable company. Financial terms of the deal were not disclosed. Cablovision Warwick serves the Quebec municipalities of Warwick, Kingsey Falls and St-Felix-de-Kingsey. Cablovision Warwick president David Ouellette says customer needs are changing quickly and he believes Videotron is the company best able to respond to changes. Videotron says households currently served by Cablovision Warwick will be able to switch to the Videotron network in the coming months to enjoy its full range of products and services. Videotron is a subsidiary of Quebecor Media Inc.
Cargojet Inc. (TSX:CJT). Up $10.35, or 6.4 per cent, to $172.59. Cargojet Inc. is expanding its relationship with e-commerce giant Amazon after reaching an agreement to operate two Amazon-owned wide-body Boeing 767 aircraft within Canada. The air cargo company says the deal starting mid-year has a four-year term with possible renewals to 2031. Financial details of the transaction were not disclosed. The contract is in addition to its existing deal that requires Amazon to fly a minimum revenue level with Cargojet. Cargojet beat out three other bidders, cementing the view that Cargojet is the key airlift supply chain partner for Amazon in its growth strategy, says Walter Spracklin of RBC Dominion Securities. Amazon is required to contract with a Canadian-based operator because of cabotage rules in the U.S. and Canada that prohibit foreign aircraft operators flying point to point domestically. Cargojet operates its network with its own fleet of 27 cargo aircraft.
Brookfield Asset Management Inc. (TSX:BAM.A). Up 27 cents to $56.17. Brookfield Asset Management Inc. has raised its offer and reached a deal to buy the stake in Brookfield Property Partners LP that it does not already own for US$6.5 billion. The alternative asset investment manager said Thursday the independent members of the Brookfield Property board have unanimously approved the offer of US$18.17 per Brookfield Property unit. The bid is up from Brookfield's earlier offer of US$16.50 per unit. The deal is subject to approval by a majority of the public unitholders of Brookfield Property, in addition to other customary closing conditions. Brookfield Property unitholders will have the option to receive their payment in cash, Brookfield class A shares or Brookfield Property preferred units with limits for each category. The total cash available is capped at US$3.27 billion, while there are 59.3 million Brookfield shares available. The deal is expected to close in the third quarter of 2021.
This report by The Canadian Press was first published April 1, 2021.
The Canadian Press