Nov 20 The following are the top stories from
selected Canadian newspapers. Reuters has not verified these
stories and does not vouch for their accuracy.
THE GLOBE AND MAIL
* Three of Canada's largest provinces are leading a revived
effort to create a single agency to oversee the country's
securities markets, an initiative that comes nearly one year
after the Supreme Court's rejection of a national regulator.
Ontario has long been the closest provincial ally of the
federal government in its fight to reform the country's
patchwork system of securities regulation. But British Columbia
and Alberta are also expressing a new openness to replacing
Canada's 13 provincial and territorial regulators with a single
entity that would police the buying and selling of securities.
* The pressure is on Ontario's Education Minister to avert
further labour strife and approve five tentative deals that
secondary school teachers say are within the stringent financial
parameters dictated by the province.
The agreements, which Laurel Broten insisted must be
"substantively identical" to terms agreed with the English
Catholic teachers' union in July, came this weekend after school
boards asked the Minister to define the phrase. ()
Reports in the business section:
* A new private equity firm, backed by members of Atlantic
Canada's McCain and Sobey families, looked at 100 Canadian
companies in a search for its first investment - but, in the
end, it didn't travel far for its inaugural deal.
The McCain-Sobey vehicle, SeaFort Capital Inc, is buying
A.W. Leil Holdings Ltd, a crane rental business based in New
Glasgow, Nova Scotia, the home community of the Sobey
supermarket family and not far from the McCains' New Brunswick
frozen food base. ()
* Agrium Inc says a U.S. hedge fund's efforts to
replace much of its board and spin off its retail unit is not
supported by most shareholders, and is doomed to failure.
"We listen to our shareholders and the overwhelming majority
continue to support the company's position," Mike Wilson,
Agrium's president and chief executive officer, said as Jana
Partners LLC launched a proxy battle to replace five of the
company's 11 board members. ()
* Documents show the sister of Alberta Premier Alison
Redford used her position as a health board executive to attend
and hold Progressive Conservative party events on the taxpayers'
dime. There was money for liquor, travel, hotels, flowers and
Wildrose party Leader Danielle Smith, while releasing the
documents Monday, said a bigger investigation is needed since
Lynn Redford and those who signed off on those expenses remain
executives with Alberta's health superboard. ()
* Amid growing investor discontent at Rona Inc, its
U.S. suitor is retreating backstage as the battle for control of
the Canadian company plays out in the weeks ahead.
Lowe's Companies Inc on Monday reaffirmed its
interest in a Canadian acquisition as a way to build size. The
comment was important because it means it still wants to do a
deal after failing to win the backing of Rona's board and
withdrawing in September its C$14.50 ($14.56) per share offer.
* A decision that killed BCE Inc's multibillion
dollar bid for Astral Media Inc may have, ironically,
helped pave the way for the deal's completion.
The country's largest telecommunications and media company
filed a fresh offer for Astral with broadcast regulators on
Monday, outlining changes and concessions it will make in order
to win approval. The amendments are based on the lengthy and
detailed decision issued by the Canadian Radio-television and
Telecommunications Commission on Oct. 18 that flatly rejected
BCE's original C$3.38 billion offer. ()