Press Digest: Canada- Oct 3
03/10/2017 11:19
Oct 3 (Reuters) - The following are the top stories from
selected Canadian newspapers. Reuters has not verified these
stories and does not vouch for their accuracy.
THE GLOBE AND MAIL
** Jean Coutu Group PJC Inc PJCa.TO has struck a friendly
C$4.5 billion ($3.59 billion) deal to sell its pharmacy business
to grocer Metro Inc MRU.TO which would see Jean Coutu
shareholders get C$24.50 a share, 75 percent in cash and 25
percent in Metro stock. https://tgam.ca/2fHnMiI
** Magna International Inc MG.TO has settled a 20-year-old
lawsuit that sought damages of C$2.6 billion against the company
after it sold its airbag business in 1997. The company has
agreed to pay C$25 million to Windsor, Centoco Holdings Ltd and
KS Centoco Ltd, and relinquish a 23 percent stake in
steering-wheel manufacturer KS Centoco as part of the
settlement. https://tgam.ca/2fFWyJh
** Brandon Stranzl, executive chairman of Sears Canada Inc
SRSCQ.PK , has accused the company of creating a sale process
that has sidelined his bid to keep the insolvent retailer
operating. Stranzl says Sears' decision to sell its "crown
jewels" - among them its 11 best stores - and let go of 1,200
more employees was made without consulting him. https://tgam.ca/2fHAcqH
NATIONAL POST
** Canada's largest real estate investment trust, RioCan
REI_u.TO , is putting C$2 billion of its holdings, comprising
about 100 properties, onto the market over the next two to three
years as it plans to focus on six core markets where there is
more opportunity for growth. http://bit.ly/2fGNfsF
** Scotia Capital Inc, a unit of Bank of Nova Scotia
BNS.TO , and Alberta Investment Management Corp (AIMCo) said
they would cut their stake in the owner of Toronto Stock
Exchange to less than 5 percent each. http://bit.ly/2fGXehq
** A proposal that would allow U.S. companies to immediately
write off capital investments, part of a sweeping tax-reform
plan announced by the White House last week, could put Canadian
companies at a further disadvantage to their southern
counterparts, tax experts say. http://bit.ly/2fH2eCR
($1 = 1.25 Canadian dollars)
(Compiled by Bengaluru newsroom)
((globalnewsmonitoring@thomsonreuters.com))
Keywords: PRESS DIGEST CANADA/