TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,507.05, up 32.40 points.)
Manulife Financial Corp. (TSX:MFC). Financials. Down 26 cents, or 1.01 per cent, to $25.42 on 18 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 13 cents, or 0.28 per cent, to $46.95 on 7.9 million shares.
Trevali Mining Corp. (TSX:TV). Materials. Up 2.5 cents, or 10.2 per cent, to 27 cents on 7.4 million shares.
Sun Life Financial Inc. (TSX:SLF). Financials. Down five cents, or 0.08 per cent, to $65.79 on 6.1 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 28 cents, or 0.96 per cent, to $28.79 on 5.3 million shares.
Lundin Mining Corp. (TSX:LUN). Materials. Down eight cents, or 0.59 per cent, to $13.51 on 5.2 million shares.
Companies in the news:
Canadian National Railway (TSX:CNR). Down 19 cents to $130.79. Canadian Pacific Railway Ltd.'s largest shareholder has called on CN Rail to drop its bid for Kansas City Southern because of the sizable break fee CN Rail would be forced to pay if its voting trust is not approved by the U.S. railway regulator. Britain's TCI Fund Management — which also owns a three per cent stake in CN Rail — made the appeal in a letter to CN's board after the U.S. Surface Transportation Board ruled Monday that its proposed US$33.6-billion deal with KCS must be based on stricter merger rules. TCI claims CN's board of directors would be "negligent and hugely irresponsible" to risk C$2 billion of shareholders' money based on STB's still-to-come decision on approving the voting trust for the CN-KCS transaction. That figure includes a US$1-billion break fee if the STB fails to approve the trust and the US$700-million break fee on the CP deal that CN says it would cover. TCI argues CN should abandon its pursuit of the U.S. railway unless its merger agreement is amended so that it is not conditional on a voting trust being approved.
Cenovus Energy Inc. (TSX:CVE). Down nine cents to $9.91. Cenovus Energy Inc. is selling an Alberta production royalty interest to Topaz Energy Corp. for $102 million, the first step in a plan to sell non-core assets to retire debt in the wake of its takeover of Husky Energy Inc. early this year. Cenovus says it retained the royalty interest in its Marten Hills oil assets when it sold them to Headwater Exploration Inc. in December. At the time, it said the assets which were producing about 2,800 barrels per day of medium gravity oil were being sold for $35 million in cash, 50 million shares of Headwater and 15 million Headwater purchase warrants exercisable at $2 per share with a three-year term. Cenovus CEO Alex Pourbaix has said that sales of non-core assets would help the company reach its year-end 2021 goal to reduce net debt to less than $10 billion. He has said the company is weighing assets for potential sale that could include Husky's Asia-Pacific offshore natural gas projects with Chinese partner CNOOC Ltd. in China and Indonesia, and Husky's chain of Canadian retail fuel stations.
This report by The Canadian Press was first published May 18, 2021.
The Canadian Press