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Global Markets: CDN development giant sold to Asian investor

By Commodity News Service Canada

Oct. 26 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– A major Canadian development company has agreed to be sold to an Asian investment firm. Aecon Group Inc. has helped build some of Canada’s most famous landmarks including the CN Tower and Vancouver Sky Train. Aecon also operates separate mining, energy and multi-service operations. The company buying Aecon is CCCC International Holdings Limited, which is based in Hong Kong. Under the terms of the agreement, CCCI will acquire all of the issued and outstanding common shares of Aecon for C$20.37 per share in cash, representing an enterprise value of C$1.51 billion, according to a press release.

– Barrick Gold Corp. is dealing with some recent losses. The company says weaker gold production was one of the reasons why it had a net loss of US$11 million in the third quarter.

– Shaw Communications told investors it essentially tripled its profit in the fourth-quarter. The company reports earnings of C$481 million in the period ending August 31. That is equivalent to 96 cent per share.

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