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8:14am
Private equity firm Blue Wolf Capital to acquire Logistec in $1.2 billion deal
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A private equity firm has signed a deal to buy Quebec-based Logistec Inc. that values it at about $1.2 billion.
Under the agreement, Blue Wolf Capital Partners LLC will partner with Stonepeak, an alternative investment firm specializing in infrastructure and real assets, and will pay $67 per share in cash for the company.
Logistec said the deal is the culmination of a review of strategic alternatives that began on May 19 at the request of major shareholder Sumanik Investments.
The company’s Class B subordinate voting shares closed 28 cents lower at $57.32 on the Toronto Stock Exchange on Friday.
The transaction is subject to customary closing conditions, including regulatory, shareholder and court approvals, and is expected to close in the first quarter of 2024.
7:18am
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Shell sets record as new CEO takes full advantage of high oil prices
The company’s share price rose to 2,763p in London today, tripling from its pandemic-era low of 878.3p three years ago.
Van Beurden’s successor, Wael Sawan, who replaced him at the top, has maintained mid-century carbon targets but is directing a larger portion of the company’s investments into oil and gas. He is trying to lure investors with higher returns through a “relentless” focus on business performance and financial discipline.
Morningstar analyst Allen Good said the rally in Shell’s stock was due to rising commodity prices, particularly natural gas prices in Europe, and “strategic changes announced by the new CEO in June, which are driving more investors into the market.” There is a high possibility that they will come together.”
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However, Mr. Good also points out “currency issues” as part of Shell’s rise. “The decline in the pound and euro is also part of this, as US dollar-based equities remain below their highs.”
bloomberg
Stock market: before the opening bell
U.S. stock futures were volatile and U.S. Treasuries fell amid widespread alarm amid diplomatic efforts to contain the conflict between Israel and Hamas.
Markets generally calmed down today after last week’s rush into haven assets as investors await further developments in the Middle East. With the latest earnings season in full swing, the war has become an added concern for traders already busy interpreting the outlook for the economy and interest rates.
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Yields on the 10-year U.S. Treasury rose, reversing some of last week’s 19 basis points drop. Brent crude oil hovered around $91 a barrel after surging nearly 6% on Friday. Gold has fallen.
what will you see today
CEO of Sanko Energy Rich Krueger is scheduled to appear before MPs in Ottawa today to explain remarks he made to investors in August about the company’s need to refocus on its major oil sands assets.
Today’s data: Canada’s August manufacturing sales, orders, and wholesale trade.
Revenue: charles schwab company
Additional reporting from The Canadian Press, Associated Press and Bloomberg
