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Global Markets: New NAFTA deal reached

By Commodity News Service Canada

WINNIPEG, Oct. 1 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Canada and the United States have reached a tentative trade deal that, together with Mexico, will replace the North American Trade Agreement (NAFTA). The new deal, called the United States-Mexico-Canada Agreement (USMCA), still needs to be ratified by the three countries. Included in the agreement are concessions on Canadian dairy.

– Quebec is holding a provincial election on Monday, with the governing Liberal party polling slightly behind the Coalition Avenir Quebec heading into the vote.

– Calgary-based Husky Energy has announced a hostile takeover bid to acquire MEG Energy Corp. The deal is said to be valued at $6.4 billion and would create an operation with the capacity to produce more than 400,000 barrels of oil equivalent per day. MEG’s board of directors has refused to discuss the deal, leading to Husky’s direct pitch to shareholders.

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