TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,889.81, up 214.17 points.)
Enbridge Inc. (TSX:ENB). Energy. Up 62 cents, or 1.66 per cent, to $38 on 22.6 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up $1.05, or 5.05 per cent, to $21.85 on 16.9 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up $1.36, or 7.44 per cent, to $19.63 on 14.7 million shares.
Zenabis Global Inc. (TSX:ZENA). Health care. Unchanged at six cents on 10.4 million shares.
Canadian Natural Resources (TSX:CNQ). Up $1.12, or 4.25 per cent, to $27.47 on 10 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 31 cents, or 5.53 per cent, to $5.92 on 8.9 million shares.
Companies in the news:
Bonterra Energy Corp. (TSX:BNE). Up 10 cents or 6.8 per cent to $1.58. Advisory firm Glass Lewis says the proposed hostile takeover of Bonterra Energy Corp. would be good for Obsidian Energy Ltd. shareholders but it has “almost no practical likelihood of being successful.” It recommends investors follow management’s advice and vote next Monday to approve issuing about 72.3 million new shares to buy Bonterra, noting a completed deal would create a company with a stronger balance sheet and the ability to grow through acquisitions. In a news release on Monday, Obsidian noted Glass Lewis’s support but failed to mention its assessment of the deal’s slim chances, which Glass Lewis attributes to opposition by the Bonterra board and from more than 30 per cent of Bonterra shareholders. The takeover first proposed in August offers two Obsidian shares for each Bonterra share. It requires approval by holders of more than two-thirds of Bonterra’s stock to be successful.
Teranga Gold Corp. (TSX:TGZ). Up 69 cents or five per cent to $14.53. London-based Endeavour Mining Corp. is buying a second Canadian-based rival to further grow its gold-producing footprint in West Africa. The company announced on Monday an all-stock deal valued at about $2.4 billion to buy Toronto-based Teranga Gold Corp., a week after the companies announced they were in talks. In May, Montreal-based Semafo Inc. shareholders approved a $1-billion all-shares deal to be acquired by Endeavour. Endeavour has two mines in Cote d’Ivoire and four mines in Burkina Faso as well as four potential development projects and a portfolio of exploration assets. The purchase of Teranga adds a fifth producing mine in Burkina Faso and a mine in Senegal called Massawa, which Teranga bought from Toronto-based Barrick Gold in late 2019 in a deal that gave Barrick about 11.45 per cent of its shares.
Transat A.T. (TSX:TRZ). Up 26 cents or 5.1 per cent to $5.38. Nearly two dozen Transat A.T. executives and directors will see their proceeds from the company’s sale to Air Canada drop following a dramatic reduction in the transaction’s value. They will split about $13 million for the shares of Air Transat’s parent company and other financial instruments they hold, according to a circular sent to shareholders ahead of the Dec. 15 meeting to vote on the revised deal. The sum is lower than the estimated $35 million they would have shared when the country’s largest airline was willing to pay $18 for each Transat A.T. share in a transaction valued at $ 720 million. Severe turbulence caused by the COVID-19 pandemic, which continues to rock the commercial aviation sector, led to a renegotiation between the two parties. Air Canada will pay $5 per share as part of the takeover, estimated at around $190 million, whose deadline has been extended to Feb. 15, 2021 from Dec. 27.
This report by The Canadian Press was first published Nov. 16, 2021,
The Canadian Press