The Daily Chase: Rogers-Shaw competition concerns; Imperial Oil pursues buybacks
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The judge presiding over Rogers’ fight with the Competition Bureau over its takeover of Shaw is calling both parties to the carpet to see if there isn’t a way to breach the impasse stalling the deal.
IMPERIAL OIL DETAILS $1.5-BILLION BUYBACK
Another day, another Canadian energy company implementing plans to plow excess capital into shareholder-friendly measures rather than increase output. This time it’s Imperial Oil, with details on its plan to buy back $1.5 billion of its own stock, accounting for some 3.4 per cent of shares outstanding, previously announced in its earnings release last week. The company will conduct the buyback via a modified Dutch auction – basically, allowing shareholders to offer up their stock in a certain range, (in this case $72.50-$87 a pop) with the company buying at the cheap end of the range first. Worth noting that Exxon Mobil – Imperial’s largest shareholder, with about 69.6 per cent of the float – plans to tender shares, but only to keep its ownership at that same level.
FUTURES POINT TO HIGHER OPEN
Top Picks from Martin Cobb, Senior Vice-President, Equities, Lorne Steinberg Wealth Management
The chief executive of National Bank of Canada says he’s not changing the bank’s strategy because of the war in the Middle East, but he is urging a faster response from Canada to rising threats abroad.
With airstrikes still battering Iran and missiles still targeting sites across the Middle East, some of the optimism that sent stocks rallying the day before drained out of Wall Street on Tuesday. Oil prices got back to rising, and U.S. stocks are returning some of their gains.
A large explosion at an oil refinery near the Texas coast shot plumes of smoke into the air and forced nearby residents to shelter in place, officials said.
Oil prices rise and stocks fall as war with Iran still advances despite Trump’s talk of negotiations
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
Bank of Montreal said on Tuesday it plans to roll out tokenized cash capabilities in collaboration with CME Group and Google Cloud, as it seeks to meet rising demand for real‑time payments amid a global shift toward around‑the‑clock trading.
From rolled steel to kitchen cabinets, Canadian businesses hit by targeted U.S. tariffs are struggling to respond as the trade war drags into its second year.
Global benchmarks mostly rebounded Tuesday, in a mood of cautious relief after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war.
It’s that time of the year again, tax time, a time to file your annual return with the Canadian Revenue Agency.
Gold seen as overbought as Iran tensions ease, with falling oil prices lifting stocks and shifting investor sentiment toward risk assets.
Stock markets in Canada and the U.S. rallied after President Donald Trump said the United States has talked with Iran about a possible end to the war.