By Ketki Saxena
Investing.com – The TSX tracked Wall Street in late afternoon trading, as North American equities received a boost from a moderation in US producer price data and a jump in weekly jobless claims. The data reinforced expectations that the US Federal Reserve has neared its rate-hike cycle.
The data proved a negative impetus to crude prices however, as investors continue to worry about a recession in the US.
The Biggest Stories on Bay Street
Teck Resources (TSX:TECKa) Ltd.’s board of directors has once again ,unanimously rejected a takeover offer from Glencore (LON:GLEN). The second, revised unsolicited offer from Glencore offered US$23.1 billion to buy Teck, revised to include a US$8.2 billion cash component to buy out uninterested Teck shareholders. However, Teck’s board continues to iterate that the company’s plans to separate its coals and metals businesses will offer a “greater spectrum of value enhancing opportunities” to shareholders.
Corus Entertainment Inc (TSX:CJRb). reported a loss of $15.5 million or eight cents per diluted share for the quarter ended Feb. 28, compared with a profit of $16.2 million or eight cents per diluted share a year earlier. Revenue in what was the company's second quarter totalled $343.9 million, down from $361.7 million in the same quarter last year.
Hudbay Minerals (TSX:HBM) Inc. has announced an all-stock deal valued at US$439 million to acquire Copper Mountain Mining Corp. Under the agreement, Copper Mountain shareholders will receive 0.381 of a Hudbay share for each Copper Mountain common share held. The proposal represents a 23% based on Copper Mountain's 10-day volume-weighted-average share prices as of April 12. To go ahead, the deal requires approval by a two-thirds majority vote by Copper Mountain shareholders and a majority vote by Hudbay shareholders.
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