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MOLSON COORS CANADA INC., Toronto symbols TPX.A $118.50 and TPX.B $124.50, has agreed to buy the 58% of the MillerCoors joint venture it doesn’t own.
MillerCoors was formed in 2008, when Molson Coors and SABMiller merged their U.S. brewing operations. Each company has a 50% voting interest in MillerCoors, but SABMiller gets 58% of the profits, while Molson Coors gets 42%.
This week, SABMiller agreed to merge with rival Anheuser-Busch InBev to form the world’s largest brewer. Competition regulators will likely require the new firm to sell certain operations, including its MillerCoors stake.
Molson Coors will pay $12 billion for SABMiller’s interest (all amounts except share price in U.S. dollars). The deal also includes Miller’s brands outside the U.S.
This a big purchase for Molson Coors, which has a $17.0-billion market cap (or the value of all outstanding shares).
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MillerCoors was formed in 2008, when Molson Coors and SABMiller merged their U.S. brewing operations. Each company has a 50% voting interest in MillerCoors, but SABMiller gets 58% of the profits, while Molson Coors gets 42%.
This week, SABMiller agreed to merge with rival Anheuser-Busch InBev to form the world’s largest brewer. Competition regulators will likely require the new firm to sell certain operations, including its MillerCoors stake.
Molson Coors will pay $12 billion for SABMiller’s interest (all amounts except share price in U.S. dollars). The deal also includes Miller’s brands outside the U.S.
This a big purchase for Molson Coors, which has a $17.0-billion market cap (or the value of all outstanding shares).
...
Switching brokers unwisely when your broker retires can lead to lining your new broker’s pocket
The old Thomson Corp. wisely got out of the newspaper business in the early 2000s to focus on its faster-growing information-services operation. In 2008, it added more highquality financial data when it acquired the 160-year-old Reuters news agency for $17 billion U.S. in cash and shares. This deal also cut Thomson’s high reliance on North America. The company’s timing was bad, however, as the 2008/09 financial crisis forced many of its banking and brokerage clients to spend much less on information products. That delayed the gains Thomson expected from the Reuters deal. However, the company is now benefiting from this acquisition, as well as a long-range restructuring plan. That’s pushing up its earnings and freeing up cash for share buybacks and dividends....
CAE INC. $15 (Toronto symbol CAE; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 269.3 million; Market cap: $4.0 billion; Price-to-sales ratio: 1.8; Dividend yield: 2.0%; TSINetwork Rating: Average; www.cae.com) earned $47.7 million in its fiscal 2016 second quarter, which ended September 30, 2015, up 13.6% from $42.0 million a year earlier. Earnings per share rose at a slower pace of 12.5%, to $0.18 from $0.16, on more shares outstanding. Revenue gained 16.5%, to $616.8 million from $529.4 million. About 90% of the company’s revenue comes from foreign customers, so it’s benefiting from the lower Canadian dollar. Sales of flight simulators and pilot-training services to airlines (59% of total revenue) jumped 23.4%. CAE sold 16 simulators during the quarter and expects its full-year total to be near the 41 it sold in fiscal 2015....