Maple Leaf Meals is conserving a 16 per cent stake in Canada Packers and the 2 corporations have entered into an evergreen provide settlement. It is going to even be an anchor buyer for Canada Packers which is able to provide pork for its ready meats enterprise.
Michael McCain, government chair at each corporations, says Maple Leaf Meals and Canada Packers are transferring ahead as unbiased entities, every with a transparent funding profile and skilled groups. He says the McCain household and McCain Capital Inc. are totally dedicated to the way forward for each corporations.
TMX Group acquires U.S.-based knowledge and analytics supplier Verity
TMX Group (TSX:X) says it has acquired Verity, an funding analysis administration system, knowledge, and analytics supplier. Monetary phrases of the settlement weren’t instantly accessible.
Verity has two core merchandise. VerityRMS is a analysis administration system, whereas VerityData provides enhanced knowledge units and insights primarily targeted on public fairness filings.
TMX Datalinx president Michelle Tran says the addition of Verity strengthens the corporate’s capacity to serve a rising world shopper base.
TMX Group is the operator of the Toronto Inventory Trade and different markets.
MEG Vitality says Glass Lewis recommends shareholders again Cenovus provide
MEG Vitality Corp. (TSX:MEG) says a second main unbiased proxy advisory agency has advisable its shareholders again a takeover provide for the corporate by Cenovus Vitality Inc. (TSX:CVE). The corporate says Glass, Lewis & Co. has issued a report recommending shareholders vote for the cash-and-stock provide by Cenovus over a rival all-stock provide by Strathcona Sources Ltd.
The report comes after proxy advisory agency Institutional Shareholder Providers Inc. mentioned final week that MEG shareholders ought to help the Cenovus bid.
The Cenovus provide have to be accredited by a two-thirds majority vote by MEG shareholders, anticipated to be held on Oct. 9. Strathcona (TSX:SCR) has mentioned it intends to vote its 14.2 per cent curiosity in MEG towards the deal.
Cenovus and MEG have side-by-side oilsands properties at Christina Lake, south of Fort McMurray, Alta., whereas Strathcona additionally has operations within the area.
Stella-Jones indicators deal to purchase Brooks Manufacturing for US$140 million
Utility pole firm Stella-Jones Inc. (TSX:SJ) has signed a deal to purchase U.S.-based Brooks Manufacturing Co. for US$140 million.
Brooks is a maker of handled wooden distribution crossarms and transmission framing parts. It was based in 1915 and operates a facility in Bellingham, Wash.
Stella-Jones chief government Eric Vachon known as the acquisition a pure match. “The addition of Brooks bolsters Stella-Jones’ suite of options, enhancing its capacity to satisfy the rising demand of utilities and unlock new development alternatives,” Vachon mentioned in an announcement Tuesday. “The acquisition displays our strategic focus and aligns with our imaginative and prescient to make Stella-Jones a accomplice of option to our infrastructure clients.”
Brooks’ gross sales for 2024 totalled about US$84 million.
RBC Capital Markets analyst James McGarragle known as the deal a “strategically constructive transfer.” “It creates a invaluable development platform for Stella-Jones by diversifying its product providing and leveraging Brooks’ established model and buyer relationships,” McGarragle wrote in a notice to purchasers. “Moreover, the acquisition aligns with Stella-Jones’ long-term strategic aims to increase past conventional product classes and speed up development within the infrastructure phase, positioning the corporate to capitalize on ongoing investments in utility modernization.”
The deal is topic to closing circumstances, together with U.S. regulatory approval, and is predicted to happen by the tip of the yr. The deal for Brooks follows the acquisition by Stella-Jones of Locweld Inc., a designer and producer of lattice transmission towers and metal poles, earlier this yr.