Stock Market News for Investors: Iamgold Expands, Teck Advances Merger Talks and Wealthsimple Reaches $100 Billion Milestone – MoneySense

Under the transaction, Northern Superior shareholders will receive 0.0991 Iamgold shares and 19 cents in cash for each share of Northern Superior common stock. The offer implies an aggregate value of $2.05 per Northern Superior share, based on the closing price of Iamgold shares on the Toronto Stock Exchange on October 17. The transaction also includes a simultaneous distribution to Northern Superior shareholders of all shares in ONGold Resources Ltd. which are currently owned by Northern Superior.

Under a second deal, Iamgold Mines D’Or Orbec Inc. in a stock-and-cash deal worth $17.2 million, after deducting the 6.7 percent stake it already owns in the company. Orbec shareholders will receive 6.25 cents and 0.003466 of an Iamgold share for each Orbec share they own at a value of 12.5 cents per share.

Teck Resources ‘very satisfied’ with the progress of talks with regulators on the Anglo deal

The head of Teck Resources (TSX:TECK.B) says he’s happy with the way talks with government officials are going as the company seeks Ottawa’s approval for its proposed merger with British mining giant Anglo American – even as the industry minister signaled last month she wanted more from the companies.

“The discussions are ongoing and they are productive and we are very pleased with the way they are unfolding,” CEO Jonathan Price said on Wednesday during a conference call to discuss the company’s latest results.

Teck last month announced a deal to merge with Anglo American to form the Anglo Teck group; However, the deal requires approval under the Investment Canada Act, which can be used to block deals that are against the national interest.

“We are working with the Canadian government on an ongoing basis here,” Price said.

“Those discussions have been frequent and productive.” He said he believes the company has presented a strong and comprehensive package of commitments to Canada, a key element of which is the plan to move Anglo’s headquarters to Vancouver.

The companies have said the combination would create a $70 billion copper mine powerhouse with headquarters and top executives in Vancouver. They have presented it as a “merger of equals,” even though Anglo American is worth more than double Teck. Shareholders will vote on the deal in December, while Price said the company will complete all its antitrust and competition filings with regulators worldwide.

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Industry Minister Mélanie Joly has said Ottawa wants to see long-term commitments to Canada if Teck is allowed to merge with Anglo American. Teck and Anglo American have committed about $4.5 billion in spending in Canada over five years as part of the deal. However, a significant portion of this has already been announced by Teck, including the extension of the life of the Highland Valley copper mine.

Price’s comments came as the company reported earnings from continuing operations attributable to shareholders of $281 million, or 57 cents per diluted share, for the third quarter. The result compared with a loss of $748 million or $1.45 per diluted share in the same quarter last year. On an adjusted basis, Teck says it earned 76 cents per diluted share from continuing operations in the latest quarter, compared with adjusted earnings of 60 cents per diluted share a year earlier. Revenue totaled $3.39 billion, compared to $2.86 billion in the same quarter last year.

Reporting third quarter results, Teck said production at Quebrada Blanca in Chile continues to be limited by the pace of development of a tailings management facility, requiring concentrator downtime.

Mullen Group Q3 profit lower than year ago as acquisitions increase revenue

Mullen Group Ltd. (TSX:MTL) reported that third-quarter profit fell from a year ago as acquisitions helped boost revenue.

The transportation and logistics company said it earned $33.2 million, or 36 cents per diluted share, for the quarter ended September 30. The result compared with a profit of $38.3 million, or 41 cents per diluted share, a year earlier.

Revenue for the quarter totaled $561.8 million, compared to $532.0 million in the same quarter last year. The increase was helped by the acquisition of Cole International Inc. and Pacific Northwest Moving (Yukon) Ltd.

On an adjusted basis, Mullen Group says it earned 38 cents per share in the latest quarter, compared with adjusted earnings of 41 cents per share a year earlier.

Wealthsimple says its assets under management are more than $100 billion

Wealthsimple Inc. says its assets under management have reached $100 billion as the company adjusts its offering. The private financial platform has seen its assets roughly double from a year ago, while setting a 2023 target of reaching $100 billion by 2028.