By Commodity News Service Canada
June 22 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.
– Trading in Sears Canada shares were stopped this morning, after Sears said it was seeking court protection from creditors while it restructures.
– There will be a new giant in Canadian and global agriculture soon. Calgary-based Agrium and Saskatoon-based PotashCorp announced Wednesday that the name for their merged company will be Nutrien. The merger still requires approval from regulators but the companies expect it to be completed in the third quarter later this year. Agrium and PotashCorp agreed to the merger in September last year. The merged fertilizer company would have an estimated enterprise value of C$48 billion.
– Home Capital Group, a Toronto-based alternative mortgage provider, said this morning that the American investment company Berkshire Hathaway has agreed to buy C$400 million of Home Capital’s common shares and a C$2 billion line of credit to Home Trust, Home Capital’s subsidiary. Berkshire is headed by well-known American entrepreneur Warren Buffett.
– Liquor stores across Ontario are open early and plan to close late from today through the weekend as a labour strike looms. LCBO (Liquor Control Board of Ontario) workers are in a legal strike position beginning 12:01 a.m. Monday. Management and the Ontario Public Service Employees Union, which represents LCBO workers, are at odds over the amount of part-time labour being used. The union maintains that more full-time work should be offered.