VANCOUVER — Pan American Silver Corp. has signed a deal to acquire MAG Silver Corp. in a stock-and-cash offer valued at US$2.1 billion.
MAG holds a 44 per cent joint venture interest in the Juanicipio mine, operated by Fresnillo plc, which holds the remaining stake.
MAG chief executive George Paspalas says the deal represents a compelling opportunity for shareholders, providing an immediate premium and meaningful exposure to Pan American’s world-class assets and growth strategy.
Under the terms of the deal, MAG shareholders will be able to choose to receive payment in the form of US$20.54 in cash per share, 0.755 common shares of Pan American per share, or a combination of the two, subject to proration with the total amount of cash available under the offer capped at US$500 million.
MAG Silver shares were up C$1.93 or eight per cent at C$25.51 in trading on the Toronto Stock Exchange on Monday morning.
Following completion of the deal, existing MAG shareholders will own a roughly 14 per cent stake in Pan American on a fully diluted basis.
This report by The Canadian Press was first published May 12, 2025.
VANCOUVER — The Keg Royalties Income Fund has signed a letter of intent to be acquired by Fairfax Financial Holdings Ltd., its largest unitholder.
The proposal for $18.60 per unit in cash values the steak house fund at about $211 million.
Keg units closed at $14.22 on the Toronto Stock Exchange on Friday and were trading up more than 26 per cent after markets opened today.
Fairfax holds just over a 50 per cent stake in the fund, according to data provided by LSEG Data & Analytics.
The fund said its largest unitholder other than Fairfax, which holds a 14.6 per cent stake on an undiluted basis, has agreed to support the proposed transaction, subject to certain customary conditions.
The fund noted the letter of intent is not a definitive agreement, which remains subject to, among other things, a formal valuation and fairness opinion, various regulatory, court and stock exchange approvals, and approval at a special meeting of the unitholders.
This report by The Canadian Press was first published May 5, 2025.
CALGARY — U.S. energy company Sunoco LP has signed an agreement to buy Parkland Corp. in a cash-and-stock deal valued at US$9.1 billion, including assumed debt.
The deal comes as Calgary-based Parkland faces an attempt by Simpson Oil Ltd., its largest shareholder, to replace a majority of its board of directors.
Parkland cancelled its annual meeting set for Tuesday and rescheduled it to June 24, when shareholders will also be asked to approve the Sunoco deal.
Parkland executive chairman Michael Jennings said it is a compelling outcome for shareholders.
“The board unanimously recommends the proposed transaction, recognizing Sunoco’s commitment to safeguarding Canadian jobs, retaining the Calgary head office, and further investing in Canada,” Jennings said in a statement.
“This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas.”
Parkland and Cayman Islands-based Simpson have been at odds over the fuel refiner and retailer’s performance and governance for about a year.
Simpson owns just under 20 per cent of Parkland’s shares and wanted nine of its directors added to Parkland’s board at a shareholder meeting, which has been postponed.
Under shareholder pressure, Parkland said in March it would review options to boost its share price, including a sale of the entire company. Earlier this month, longtime Parkland CEO Bob Espey announced plans to step down before year-end.
As part of the deal, Sunoco intends to form a new publicly traded company named SUNCorp LLC that will hold limited partnership units of Sunoco that are economically equivalent to Sunoco’s publicly traded common units.
Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share. Parkland shareholders may also elect to receive C$44 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share, subject to limits.
Parkland shares closed at C$36.28 on the Toronto Stock Exchange on Friday.
In addition to shareholder and court approvals, the deal is subject to regulatory approvals, including approval under the Investment Canada Act. Sunoco has committed to maintain a Canadian headquarters in Calgary and significant employment levels in Canada.
It has also committed to continuing to invest in Parkland’s refinery in Burnaby, B.C.
This report by The Canadian Press was first published May 5, 2025.
Jayna Hefford, PWHL’s senior vice president of hockey operations speaks ahead of the PWHL Toronto team opening the Toronto Stock Exchange in Toronto, Friday, Jan. 12, 2024.Photo by Cole Burston /The Canadian Press
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Seattle joins Vancouver as the Professional Women’s Hockey League’s expansion teams next season.
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The PWHL confirmed Wednesday the addition of another West Coast team a week after announcing Vancouver would be the league’s first expansion team in Canada.
“It certainly wasn’t a package deal,” said PWHL executive vice-president of hockey operations Jayna Hefford.
“These two markets stood on their own two feet in terms of market size, media reach, infrastructure, facilities.
“The markets had to rise to the top on their own, but the ability to package them together once they checked those boxes is a great asset.”
Seattle’s team will play out of the 17,151-seat Climate Pledge Arena, which is also the home of the NHL’s Kraken, and practise at the Kraken Community Iceplex.
The addition of Seattle and Vancouver makes for an eight-team league in 2025-26.
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The original six clubs are in Toronto, Montreal, Ottawa, Boston, New York and St. Paul, Minn.
The PWHL wraps its second regular season Saturday before the playoffs.
The league is owned by Los Angeles Dodgers controlling owner Mark Walter and his wife Kimbra.
Seattle’s bid was led by Oak View Group, the developers and operators of Climate Pledge, alongside the Kraken.
“Much like we have the PNE team in Vancouver, the Kraken are going to be day-to-day partners with us here in this market, and I think that’s an exciting thing,” Hefford said.
Seattle is already home to women’s pro sports with the WNBA’s Storm, which also plays out of Climate Pledge, and the NWSL’s Reign.
The PWHL hosted a neutral-site game at Climate Pledge on Jan. 5 between the Montreal Victoire and Boston Fleet as part of its nine-game Takeover Tour. Attendance was 12,608.
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Canada and the United States played a women’s Rivalry Series game there in front of 14,551 on Nov. 20, 2022.
The league cited proximity to Vancouver, elite facilities, the youth hockey community, a strong women’s sports fan base, the Kraken’s partnership, the economic and corporate landscape and the Takeover Tour’s success in drawing the league to Seattle.
“On behalf of the Seattle Kraken and Climate Pledge Arena, I am proud to welcome the Professional Women’s Hockey League to Seattle,” Kraken co-owner Samantha Holloway said in a statement.
“Seattle is an incredible sports city, and we’ve seen firsthand the passion for the women’s game at both the U.S. v Canada Rivalry game and the PWHL Takeover Tour.
“We’re also proud to grow the game of hockey at Kraken Community Iceplex and together we’ll continue to inspire the next generation of hockey players and fans alike.”
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The addition of Seattle seemed imminent after Vancouver, although the PWHL’s launch into the West Coast, with the original six teams clustered in the central to eastern corridor of North America, was a bold move for a new league.
The PWHL’s travel costs will increase significantly in its third season.
“We don’t ever share financials, but I think the message here is that we have an ownership group that is really supportive, that is really excited about the growth,” Hefford said. “This is Phase 1 of a longer-term growth strategy for this league.
“Having different time zones for our games is really important as we start to think about media rights and that sort of thing.”
The collective bargaining agreement between the league and its players states that travel longer than six hours or 400 miles (643 kilometres) will be on commercial airlines in economy or coach class.
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“Teams shall make reasonable efforts to fly without connecting flights, if available, and shall make reasonable efforts to ensure that all player seats on such flights are aisle or window seats, if available,” says the CBA.
What will be PWHL Seattle until a name and logo emerge will have a colour scheme of emerald green and cream.
The PWHL says details on an expansion draft and integration of Vancouver and Seattle into the 2025 draft in Ottawa on June 24 will be released in the coming weeks.
The general managers about to be hired will nevertheless have a short runway for the drafts and for next season.
“We’re in the midst of that search right now,” Hefford said. “There certainly is an urgency, but not at the expense of the diligence that needs to go into this.”
The league stated in early April that attendance this season averaged 7,354 through 79 games for a total of 580,962.
In its shorter inaugural season of 72 games, the league averaged 5,500 fans.
The Victoire, Toronto Sceptres and New York Sirens moved to home arenas with larger capacities in their second seasons.
Barrick Gold Corp. announced plans to change its name to Barrick Mining Corp. as it looks to continue to grow its copper business.
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The new moniker is subject to approval at the company’s upcoming annual and special meeting of shareholders set for May 6.
Barrick chief executive Mark Bristow says the company’s vision is to be the world’s most valued gold and copper exploration, development and mining company.
He says the new name better reflects Barrick’s current business and its mission to achieve sustainable and profitable gold and copper growth.
The company also plans to change its ticker symbol on the New York Stock Exchange to B from GOLD.
Barrick will continue to trade under the symbol ABX on the Toronto Stock Exchange.
TORONTO — Barrick Gold Corp. announced plans to change its name to Barrick Mining Corp. as it looks to continue to grow its copper business.
The new moniker is subject to approval at the company’s upcoming annual and special meeting of shareholders set for May 6.
Barrick chief executive Mark Bristow says the company’s vision is to be the world’s most valued gold and copper exploration, development and mining company.
He says the new name better reflects Barrick’s current business and its mission to achieve sustainable and profitable gold and copper growth.
The company also plans to change its ticker symbol on the New York Stock Exchange to B from GOLD.
Barrick will continue to trade under the symbol ABX on the Toronto Stock Exchange.
This report by The Canadian Press was first published April 28, 2025.
TORONTO — Shipping and logistics company UPS has signed a deal to buy Andlauer Healthcare Group Inc. in a deal that values the company at about $2.2 billion.
AHG specializes in transportation and logistics for the health-care sector.
Under the agreement, UPS will pay $55.00 per share in cash for AHG’s multiple and subordinate voting shares.
AHG’s subordinate voting shares closed at $41.96 on the Toronto Stock Exchange on Wednesday.
The deal is backed by AHG chief executive Michael Andlauer, the indirect holder of 53.2 per cent of AHG’s outstanding shares and 82 per cent of the votes entitled to be cast to approve the transaction.
Once the deal closes, Andlauer, who is also the owner of the Ottawa Senators hockey team, is expected to lead UPS Canada Healthcare and AHG.
This report by The Canadian Press was first published April 24, 2025.
LEAMINGTON — Cannabis company Tilray Brands Inc. is proposing a reverse stock split for its shares.
Tilray chairman and chief executive Irwin Simon says the reverse split would better align Tilray’s number of shares outstanding with companies of its size and scope, while a higher price per share would ensure compliance with Nasdaq’s continued listing requirements.
The company also expects cost savings from the change, which would reduce the costs associated with its annual meeting.
It is asking its shareholders to approve a plan that would allow a reverse stock split of its common shares at a ratio ranging from 1-to-10 to 1-to-20.
The exact ratio would be determined by the Tilray board of directors if the plan is approved by a shareholder vote set for June 10.
Tilray shares closed down a penny at 66 cents on the Toronto Stock Exchange on Wednesday.
This report by The Canadian Press was first published April 17, 2025.
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