The Daily Chase: Markets point to a positive open; Bombardier forecasts increased 2025 revenue
BNN Bloomberg
North American equity markets are making a break for positive territory after yesterday’s topsy-turvy session left major indices firmly in the red.
PARKLAND ENLISTS AN ALLY, BUT AT A COST
It appears Parkland Corp. has a heavyweight in its corner as it looks to fend off activist investor Engine Capital. The company has announced an agreement with Simpson Oil – its largest shareholder, owner of about 19 per cent of shares outstanding – that “furthers the longstanding and successful relationship” between the two firms. As always, there’s no such thing as a free lunch – as part of the agreement, Simpson has the right to nominate up to two nominees to the board. For what it’s worth, Parkland said it won’t comment on the “coincidental timing” of the announcement, which came less than 24 hours after Engine Capital penned a letter calling for a breakup of the company in order to make Parkland a pure-play gas station and convenience store operator, so take that as you will. On that note, Parkland did say it’s examining opportunities for dispositions (ie, asset sales) if it finds a deal that creates shareholder value.
BOMBARDIER STRIKES OPTIMISTIC TONE FOR 2025
