The Daily Chase: Rogers-Shaw competition concerns; Imperial Oil pursues buybacks
BNN Bloomberg
The judge presiding over Rogers’ fight with the Competition Bureau over its takeover of Shaw is calling both parties to the carpet to see if there isn’t a way to breach the impasse stalling the deal.
IMPERIAL OIL DETAILS $1.5-BILLION BUYBACK
Another day, another Canadian energy company implementing plans to plow excess capital into shareholder-friendly measures rather than increase output. This time it’s Imperial Oil, with details on its plan to buy back $1.5 billion of its own stock, accounting for some 3.4 per cent of shares outstanding, previously announced in its earnings release last week. The company will conduct the buyback via a modified Dutch auction – basically, allowing shareholders to offer up their stock in a certain range, (in this case $72.50-$87 a pop) with the company buying at the cheap end of the range first. Worth noting that Exxon Mobil – Imperial’s largest shareholder, with about 69.6 per cent of the float – plans to tender shares, but only to keep its ownership at that same level.
FUTURES POINT TO HIGHER OPEN
