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Mining sector: Nevsun Resources Ltd. has firmly rejected a $1.5-billion takeover proposal from Lundin Mining Corp. and Euro Sun Mining Inc., but is leaving the door open to a deal if Lundin ditches its junior partner. Story (Niall McGee)

Bought deal: Royal Dutch Shell PLC and its banks have cashed in on one of precious few opportunities to unload a mountain of Canadian energy shares at a tidy profit. Shell’s $4.3-billion secondary offering of Canadian Natural Resources Ltd. stock was said on Tuesday to be placed mostly with institutional investors. Story (Jeffrey Jones, for subscribers)

Convertibles issued: Almost two decades after they joined forces to keep cable operator Videotron on home soil, Quebecor Inc. and the Caisse de dépôt et placement du Québec have struck an agreement worth $1.69-billion to give the company full control over its main subsidiary. Quebecor said Tuesday it will repurchase the Caisse’s remaining 18.5-per-cent stake in Quebecor Media Inc. by issuing $150-million worth of convertible debentures and will use cash to fund the rest of the buyout. Story (Christine Dobby)

FINANCIAL SERVICES WRAP

Earnings: Home Capital Group Inc. reported a 40 per cent drop in its first-quarter income from the same period last year, before it was hit with allegations of misleading investors. Story

Earnings: Canadian insurance company Sun Life Financial Inc’s quarterly profit beat analysts’ estimates on Tuesday as the company sold more managed funds and paid lower tax rates for its U.S. business. Story

Mortgages: Bank of Montreal is wooing homebuyers with a variable mortgage rate with the biggest discount ever by a large Canadian bank, according to one market watcher. Story

DEAL WRAP

Drug sector: Takeda Pharmaceutical agreed to buy London-listed Shire for 45.3 billion pounds (US$62 billion) on Tuesday, the biggest yet in a wave of deals sweeping the drugs industry. Story

Takeover opposition: Carl Icahn and Darwin Deason, shareholders in Xerox Corp who oppose an agreed deal with Fujifilm Holdings, said they would consider an all-cash bid of at least $40 per share — a 43 per cent premium to the Japanese firm’s offer. Story

Media sector: Shares of Twenty-First Century Fox Inc rose as much as 3.4 per cent on Tuesday after Reuters reported that cable operator Comcast Corp was preparing an all-cash bid to rival a deal agreed late last year with Walt Disney Co. Story

Resson Aerospace Corporation has completed a $14 million Series C round of financing. Mahindra & Mahindra joins existing strategic partners McCain Foods and Monsanto Growth Ventures as well as existing investors Build Ventures, Rho Canada, BDC Capital, East Valley Ventures and the New Brunswick Innovation Foundation. Private Capital Journal

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 24/05/24 4:16pm EDT.

SymbolName% changeLast
BMO-N
Bank of Montreal
+0.97%95.47
BMO-T
Bank of Montreal
+0.47%130.48
DIS-N
Walt Disney Company
+1.09%101.76

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