Cameco, M'bishi to buy Rio Tinto uranium mine
TOKYO (Reuters) - Canada's Cameco Corp and Japan's
Mitsubishi Corp <8058.T> said on Thursday they will jointly
acquire Kintyre uranium exploration project in Western
Australia from Rio Tinto Ltd for $495 million.
Cameco will take a 70 percent interest in the project for
$346.5 million while the Japanese trading house will acquire
the remaining stake through its Sydney-based wholly owned unit
Mitsubishi Development Pty Ltd.
Air Canada lays off 632 flight attendants
CALGARY, Alberta (Reuters) - Air Canada will lay
off 632 flight attendants, representing 9 percent of its
in-flight staff, as part of a round of cuts it announced in
June to deal with runaway fuel prices, the country's biggest
airline said on Thursday. Air Canada said it is cutting 300
flight attendant jobs as a result of a reduction in
international long-haul flights from Vancouver. It is also
shutting cabin-crew bases in Winnipeg, Manitoba, and Halifax,
Nova Scotia, meaning the loss of 332 jobs by November 1.
XM Canada loss grows, subscribers jump 58 pct
TORONTO (Reuters) - XM Canada , the Canadian
licensee of XM Satellite Radio Inc , posted a wider
third-quarter loss on Thursday, but said its subscriber base
jumped 58 percent and it achieved positive cash flow for the
first time. The satellite radio company said it lost C$18.8
million ($18.6 million), or 39 Canadian cents a share, in the
three months ended May 31. That was worse than the loss of
C$13.3 million, or 28 Canadian cents a share, in the same
period a year earlier.
Rusoro stock rises on Venezuela joint venture plan
OTTAWA (Reuters) - Rusoro Mining said on Thursday
it will strike a joint venture with Venezuela's mining ministry
to explore, develop and mine gold properties in the
mineral-rich country, news that pushed the junior mining
company's shares sharply higher. The Canadian-listed and
Russian-owned producer said it hopes the venture will be
formalized within six months. It said that until the terms are
finalized it will continue operating its own assets.
Lord & Taylor eyeing deal for Hudson's Bay: media
TORONTO (Reuters) - A private equity firm that owns the
Lord & Taylor department store chain is in talks to take over
Hudson's Bay Co, the storied Canadian retail chain sold to a
U.S. investor in 2006, Canadian media reported on Thursday.
NRDC Equity Partners, owner of the 47-store Lord & Taylor
chain, has been thinking of opening stores outside the United
States, and Canada is on his radar, unnamed sources told the
Globe and Mail and Financial Post newspapers.
Toronto stocks rise as resource issues rebound
TORONTO (Reuters) - The Toronto Stock Exchange's main index
was higher at midmorning on Thursday, yanked up by
bargain-hunting in mining and oil shares after they tumbled on
Wednesday. The index's resource-laden materials sector led the
gain, up 2.4 percent, on strength in underlying commodity
prices, particularly gold, which has been a safe-haven buy amid
tensions in the Middle East.
Astral profit jumps 21 percent but stock falls
OTTAWA/TORONTO (Reuters) - Astral Media on
Thursday said quarterly profit jumped 21 percent, boosted by
strong television advertising growth and the acquisition of
Standard Radio, but revenues fell short of analyst estimates
and the stock dropped 3.4 percent. Montreal-based Astral became
Canada's biggest radio broadcaster with the C$1.1 billion
acquisition of Standard Radio late last year. It operates 83
stations in eight provinces.
Synenco shareholders balk at Total bid: report
CALGARY, Alberta (Reuters) - Two shareholders of would-be
oil sands developer Synenco Energy Inc are refusing to
tender their combined 24 percent stake to Total SA's
C$471 million ($466 million) takeover bid, jeopardizing the
deal, a newspaper reported on Thursday. D.E. Shaw & Co LP,
which owns 14 percent of Synenco, and Wellington Management Co
LLP, which has 10 percent, are holding out for a higher offer
than the C$9 a share on the table, the Globe and Mail reported,
quoting unnamed sources.
Dow Chemical to buy Rohm and Haas for $18.8 billion
NEW YORK (Reuters) - Dow Chemical Co said on
Thursday it would buy rival Rohm and Haas Co for $15.3
billion in a move to broaden its product offerings in higher
margin markets such as paints, coatings and electronic
materials. With the purchase, Dow Chief Executive Officer
Andrew Liveris has taken a major step toward his long-stated
goal of moving the Midland, Michigan-based company into the
higher-margin specialty chemicals business.
GE eyes spin-off for consumer-industrial unit
BOSTON (Reuters) - General Electric Co said on
Thursday it will look to spin off to shareholders its entire
consumer and industrial unit, signaling it is ready to part
with a much larger slice of its portfolio than just the $7
billion appliance arm it has been seeking to sell. Analysts
described the move as a sign GE is willing to quickly shake up
its portfolio in the wake of an unexpected drop in
first-quarter profit. The GE's industrial division -- not all
of which is targeted for spin-off -- accounted for about 10
percent of GE's $172.74 billion in revenue last year.
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