TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,052.25, down 98.62 points.)
The Toronto-Dominion Bank. (TSX:TD). Financials. Down 29 cents, or 0.34 per cent, to $85.08 on 16.9 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Down three cents, or 1.36 per cent, to $2.18 on 12.6 million shares.
TC Energy Corp. (TSX:TRP). Energy. Up 34 cents, or 0.55 per cent, to $61.82 on 9.4 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 16 cents, or 4.46 per cent, to $3.75 on 8.2 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up 19 cents, or 3.18 per cent, to $6.17 on 7.2 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 39 cents, or 3.06 per cent, to $13.12 on 6.7 million shares.
Companies in the news:
Canadian National Railway Co. (TSX:CNR). Down $2.09 or 1.4 per cent, to $147. Canadian National Railway Co. has called a special meeting of shareholders for March 22 in response to a request from an activist investor unhappy with CN's bid for Kansas City Southern. British-based TCI Fund Management Ltd. is seeking an overhaul of the railway's board of directors and the replacement of CN chief executive Jean-Jacques Ruest. Montreal-based CN says it remains focused on pursuing its growth and value creation strategy despite "TCI’s inappropriate attempts to seize effective control of the company." CN says it has already added three new independent directors and achieved gender parity among independent directors ahead of plan. It also secured a US$700-million break fee after abandoning its bid for KCS, which instead has agreed to merge with Canadian Pacific Railway Ltd. TCI called for the shareholder meeting for the purpose of "refreshing'' the railway's board by adding four members that it has nominated. It has also proposed Jim Vena, former chief operating officer at CN, as a potential replacement to Ruest. CN says TCI is in a conflict of interest because while it owns five per cent of the railway, it is also the largest shareholder of Calgary-based CP Rail.
Sun Life Financial Inc. (TSX:SLF). Up $1.59 or 2.4 per cent to $66.65. Sun Life Financial Inc. has signed a deal to buy DentaQuest, a provider of dental benefits in the United States, for $3.1 billion. The company says DentaQuest will become part of its Sun Life U.S. business, which offers dental benefits through employers for employee benefit plans. Sun Life says DentaQuest will more than double the size of its U.S. employee benefits business by revenue. DentaQuest has more than 33 million members in 36 states and about 2,400 employees. Sun Life CEO Kevin Strain says the acquisition of DentaQuest is consistent with its strategy of focusing on health and group benefits in the United States. The transaction is expected to close in the first half of next year, subject to regulatory approvals and customary closing conditions.
Magna International Inc. (TSX:MG). Up 40 cents to $97.45. Magna International Inc. is walking away from its deal to buy Swedish tech company Veoneer Inc. after its offer was topped by Qualcomm Inc. The Ontario-based auto parts company says it waived a four-day matching period to make a counter-proposal after the Qualcomm offer was ruled to be a superior proposal. Magna announced a deal to buy Veoneer in July for US$31.25 per share for a total value of US$3.8 billion. However, Qualcomm stepped in with an offer of US$37 per share for a total value of about US$4.5 billion. Magna CEO Swamy Kotagiri says the company's decision underscores its disciplined approach to valuation as it pursues strategic acquisitions. In connection with the termination of the merger agreement with Magna, Veoneer will pay a break fee of US$110 million.
This report by The Canadian Press was first published Oct. 4, 2021.
The Canadian Press
