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Reuters Canada Business Summary

10/04/07

Consortium may make bid for Bell Canada parent: report

NEW YORK (Reuters) - One of Canada's largest pension funds is in early talks with other investors to form a consortium to mount a $45 billion takeover bid for the parent company of Bell Canada, people briefed on the discussions told The New York Times. The Ontario Teachers' Pension Plan, which is the largest shareholder of BCE , the telephone company's parent, has reached out in recent weeks to Caisse de Depot et Placement du Quebec and the Canada Pension Plan Investment Board about pursuing a takeover, these people said in the Times.

Petrobank buys more Canada land, upbeat on wells

OSLO (Reuters) - Canadian energy group Petrobank Energy and Resources has acquired more land in the Bakken formation after initial production from test wells showed promise, it said on Tuesday. Petrobank, which is listed in Toronto and Oslo, said it increased its land holdings by 137 percent in the Bakken formation, which underlies much of North Dakota, eastern Montana and extends north into southern Saskatchewan in Canada.

World stocks hit record high

LONDON (Reuters) - World stocks hit an all-time high on Tuesday, having regained all of the steep losses of late February and early March, while a thirst for risky carry trades pushed the yen to a record low against the euro. MSCI's main world stock index <.MSCIWD> climbed above its high on February 26, the eve of a sharp tumble on global equity markets which was accompanied by soaring volatility and weeks of ructions in other assets.

Liquor Stores Fund to buy Liquor Barn for C$158 mln

TORONTO (Reuters) - Liquor Stores Income Fund said on Tuesday it will spend C$158 million in a hostile bid to buy Liquor Barn Income Fund , making it one of the leading liquor retailers in Western Canada. Liquor Stores will pay Liquor Barn unitholders 0.53 of each of its trust units for each Liquor Barn unit.

Economists cut GDP forecast for 2007

WASHINGTON (Reuters) - A top panel of economists on Tuesday cut their forecast for U.S. economic growth this year, citing a lower outlook for capital spending, residential investment and business inventories. The Blue Chip Economic Indicators panel of forecasters said they expect U.S. gross domestic product to expand at a rate of 2.3 percent in 2007, the slowest growth since 2002.

Gucci owner pounces on Puma with takeover bid

FRANKFURT/PARIS (Reuters) - French retailer PPR on Tuesday made a 5.3 billion euro ($7.07 billion) bid to hitch German sportswear company Puma to its line-up of Gucci and Yves Saint Laurent iconic fashion brands. PPR agreed to buy a 27 percent stake in Puma from German billionaires Guenter and Daniela Herz and make an offer for the rest of Puma, whose shoes have been worn by the likes of soccer star Pele and tennis champion Boris Becker.

Sainsbury family sinks $20 billion bid hopes

LONDON (Reuters) - Private equity firm CVC was battling to keep its bid for Britain's J. Sainsbury afloat on Tuesday, after its bidding partners pulled out and the food retailer's founding family rejected an improved 10.1 billion pound ($19.9 billion) offer, sources close to the matter said. Shares in Sainsbury , Britain's third-biggest supermarket group, fell more than 5 percent on speculation that CVC would be unable to raise the bid again on its own.

Altadis rebuffs improved Imperial approach

MADRID/LONDON (Reuters) - Franco-Spanish tobacco firm Altadis rejected an improved 12 billion euro ($16 billion) bid proposal from Imperial Tobacco , but the British group said it would continue to pursue the deal. Altadis, which makes Gauloises, Gitanes and Fortuna cigarettes, said on Tuesday it had received a new cash bid proposal of 47 euros per share from Imperial, up from the previous indicative offer of 45 euros a share, but said the 4.4 percent increase was not enough.

Oil steadies after steep fall

LONDON (Reuters) - Oil prices steadied below $62 on Tuesday after six straight days of losses as markets turned attention to Iran's nuclear program and a likely drop in gasoline stocks in top consumer the United States. Price falls began on March 30 and gathered pace last week when Iran released 15 British sailors and marines, wiping more than $4 off a barrel of U.S. crude.

Rogers unit to buy TV stations

CALGARY, Alberta (Reuters) - Rogers Media, a unit of Rogers Communications , said on Monday its broadcasting unit would spend C$137.5 million ($119.6 million) to buy seven local television stations and three specialty channels from CTVglobemedia Inc. CTVglobemedia agreed to sell the channels to win regulatory approval for its C$1.7 billion acquisition of CHUM Ltd. earlier this year.

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