Tim Hortons, Burger King shares surge on merger talks
TORONTO Aug 25 (Reuters) - Shares of Canadian coffee and doughnut chain Tim Hortons Inc and U.S. fast-food company Burger King surged in trading before the opening bell on Monday after news that they are in merger talks.
Burger King and Tim Hortons, comparable in size by market value, confirmed their merger discussions late on Sunday, saying the potential deal would create a fast-food powerhouse and that the new entity would be based in Canada.
Shares of Tim Hortons jumped more than 17 percent to $73.90 in trading before markets opened in New York on Monday, while Burger King, which is majority owned by investment firm 3G Capital, was up more than 15 percent at $31.30. (Reporting by Euan Rocha; Editing by Lisa Von Ahn)
- U.S. and Arab allies launch first strikes on fighters in Syria |
- Argentina's Fernandez to meet billionaire investor Soros in New York
- Israel downs Syrian warplane it says violated its Golan airspace
- Qatar adamant it will host 2022 World Cup despite doubts
- U.S. attack on IS targets in Syria "will be answered" - fighter