CA-BUSINESS Summary

05/11/09

Canada's Agrium to make final offer for CF: report

(Reuters) - In the latest twist in a takeover battle going on since January, Canadian fertilizer maker Agrium Inc is planning to make a final offer for CF Industries Holdings Inc on Thursday, the Wall Street Journal said, citing people familiar with the matter. In the Canadian company's fourth proposal, CF shareholders will be offered $45 in cash and one Agrium share for each CF share, valuing CF at $4.65 billion or about $93 a share, the people told the paper.

Asia shares dip; dollar shaky on cautious Fed

HONG KONG (Reuters) - Asian shares dipped on Thursday, and the dollar fell after the Federal Reserve vowed to keep rates near zero for "an extended period" and said the recovery of the world's biggest economy would be sluggish. The Fed's pledge to stick to a very loose monetary policy was expected and gave investors little new to trade on, although its cautious economic outlook prompted light profit taking.

TransCanada profit falls, Enbridge gains

CALGARY, Alberta (Reuters) - Enbridge Inc and TransCanada Corp , the two big Canadian pipeline companies whose fortunes are increasingly tied to Alberta's vast oil sands, posted divergent profit reports on Wednesday with the more oil-sands-focused Enbridge coming out on top. Both companies are backing big expansions of their pipeline networks to carry rising production from the oil sands, the largest oil reserve outside the Middle East, to U.S. refiners.

TD sees another tough year for U.S. operations

CALGARY, Alberta (Reuters) - The head of Toronto-Dominion Bank said on Wednesday he did not foresee the U.S. economy improving until 2011 and warned that expecting the U.S. consumer to lead the recovery after stimulus spending was over was problematic. Ed Clark, who heads Canada's second-largest bank, said TD's big U.S. operation had been hit by higher loan losses and lower margins, and that the economic outlook remained cloudy.

Google seeks revenue from online retailers

SAN FRANCISCO (Reuters) - Google Inc is selling a special search product to online retailers, as the Internet giant widens its hunt for new sources of revenue. Google Commerce Search, which the company on Wednesday said it would begin selling at a starting price of $50,000 a year, puts a key element of a retail website's shopping experience in Google's hands: the consumers' ability to find merchandise.

Molson Coors volume slips, shares fall

CHICAGO/NEW YORK (Reuters) - Molson Coors Brewing Co said beer volumes continue to decline in the current fourth quarter as consumers remain focused on value, and shares fell 8.5 percent. The maker of Molson Canadian and Coors Light also posted a higher third-quarter profit, with a tax benefit and price increases offsetting a 2.9 percent decline in sales volume.

Toronto-listed miners issue stock at record pace

TORONTO (Reuters) - Canada's main stock market said on Wednesday that equity financings by mining companies so far in 2009 have already topped full-year records due to resurgent demand for gold assets and that was led by Barrick Gold Corp's C$4.3 billion ($4 billion) stock sale. Exchange operator TMX Group said mining companies on the senior Toronto Stock Exchange had raised C$17 billion through 264 financings as of September 30.

Globalive says Canada ruling puts business at risk

TORONTO (Reuters) - Startup wireless carrier Globalive Communications says talks with new financial backers have stalled and its entire business is in danger following a ruling by Canadian regulators that found the company was controlled by foreigners. "The whole business has been put at risk by this decision," Globalive chairman and founder Anthony Lacavera said in an interview. "We're not near resolving the financing issue and I don't see how we resolve it with this kind of pressure."

Bank of Canada repeats warning on dollar effect

OTTAWA (Reuters) - The Bank of Canada on Wednesday repeated its message that the strong Canadian dollar would probably offset positive economic developments since July and that it could expand the money supply if needed. Deputy Governor John Murray said in the prepared text of a speech he was giving in British Columbia that growth had resumed in Canada after three quarters of sharp contraction.

Oil down towards $79 on weak equities, firmer dollar

SINGAPORE (Reuters) - Oil fell toward $79 a barrel on Thursday, after a steep decline in U.S. crude inventories sent prices up 1 percent the previous day, as traders look to the fall in equities markets and firming dollar to take profits. The U.S. dollar inched up as short-term investors sold into a rally in the euro and higher-yielding currencies such as the Australian dollar, following a repeated pledge by the U.S. Fed to keep rates low for a while.