TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (17,593.57, up 41.11 points.)
TC Energy Corp. (TSX:TRP). Energy. Up 23 cents, or 0.44 per cent, to $52.83 on 6.5 million shares.
Calfrac Well Services Ltd. (TSX:CFW). Energy. Down one cent, or 10.34 per cent, to 13 cents on 6.2 million shares.
Nevada Copper Corp. (TSX:NCU). Materials. Down one cent, or 4.17 per cent, to 11.5 cents on 5.8 million shares.
Air Canada (TSX:AC). Industrials. Up $1.03, or 4.67 per cent, to $23.10 on 5.6 million shares.
Toronto-Dominion Bank (TSX:TD). Financials. Up 72 cents, or 1.01 per cent, to $71.73 on 5.4 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 39 cents, or 5.43 per cent, to $7.57 on 5.0 million shares.
Companies in the news:
Dorel Industries Inc. (TSX:DII.B). Up three cents or 0.2 per cent to $14.33. Investment firm Letko, Brosseau and Associates Inc. says it plans to vote against a plan to take Dorel Industries Inc. private. The money manager says it holds 12.6 per cent of Dorel's outstanding class-B subordinate shares. A shareholder meeting to vote on the offer is set for Jan. 12. Letko Brosseau says it is a long-term shareholder of Dorel and that it has confidence in the future of the company. Under a deal announced in November, a group led by an affiliate of Cerberus Capital Management LP has offered to buy Dorel for $14.50 per share in cash, except for shares owned by members of the Schwartz family, including Dorel's chief executive officer. The transaction needs approval by two-thirds of the votes cast, and more than 50 per cent of the votes cast by non-family shareholders. Dorel makes a variety of consumer goods such as Cosco and Safety 1st child car seats, Cannondale and Schwinn bicycles, and home furniture under brands such as Dorel Living and DHP. Companies in this story: (TSX: DII.B, TSX:DII.A)
Magna International Inc. (TSX:MG). Up $7.29 or 8.5 per cent to $92.96. Shares of Magna International closed higher Wednesday after the company announced a deal with LG Electronics to create a joint venture to build components for electric cars. Magna said Tuesday the venture will manufacture e-motors, inverters and on board chargers and, for certain automakers, related e-drive systems. "This partnership fully aligns with our strategy of being at the forefront of electrification and supporting automakers with a diverse and world-class portfolio," Magna president and incoming CEO Swamy Kotagiri said in a statement. The joint venture tentatively has been called LG Magna e-Powertrain. Magna says the deal combines its strength in electric powertrain systems and manufacturing with LG’s expertise in component development for e-motors and inverters. The joint venture will include more than 1,000 employees located at LG locations in the United States, South Korea and China. The agreement is expected to close in July and is subject to a number of conditions including LG shareholder approval. The joint venture comes as the large automakers move rapidly to develop electric vehicles.
This report by The Canadian Press was first published Dec. 23, 2020.
The Canadian Press
