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ShawCor sale will draw big crowd, high price
ShawCor sale will draw big crowd, high price
(Ewan Nicholson/)

ShawCor auction gets rolling, bids seen in high $40s

The auction of Canadian pipe company ShawCor Ltd. is expected to be a fast one with a price that could approach $50 a share.

The sale will be a standard two-round auction, with any transaction that results announced this fall, say people familiar with the process. The company started the auction process last month after its controlling shareholder, Virginia Shaw, communicated that she would be interested in selling her shares. At that point, the company said it had not talked to any potential bidders.