Investor Stock News: Iamgold expands, Teck advances merger talks, Wealthsimple reaches $100B milestone

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. Based on the closing price of Iamgold’s shares on the Toronto Stock Exchange on October 17, the offer represents a total value of $2.05 per share for Northern Superior. The transaction will also include the simultaneous distribution to Northern Superior shareholders of all shares of ONGold Resources Ltd. currently held by Northern Superior.

Under the second deal, Iamgold will acquire Mines D’Or Orbec Inc. for $17.2 million in stock and cash, net of the 6.7% stake it already owns in the company. Orbec shareholders will receive 6.25 cents and 0.003466 Iamgold shares for each Orbec share held at 12.5 cents per share.

Teck Resources ‘very pleased’ with progress in talks with regulators on Anglo American deal

The head of Teck Resources (TSX:TECK.B) said he was pleased with the progress of talks with government officials as the company seeks Ottawa’s approval of its proposed merger with British mining giant Anglo American, even though the industry minister said last month she wanted more from the companies.

“Conversations are ongoing and productive, and we’re very pleased with the progress so far,” Chief Executive Jonathan Price said on a conference call Wednesday to discuss the company’s latest results.

Teck announced a merger with Anglo American last month to form Anglo American; however, the deal requires approval under the Investment Canada Act, which can be used to block transactions deemed contrary to the national interest.

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

“These discussions have been frequent and productive.” He said he believed the company had presented a strong and comprehensive package of commitments to Canada, a key element of which was the plan to move Anglo American’s headquarters to Vancouver.

The two companies said the merger would create a $70 billion copper mining giant with headquarters and executives in Vancouver. Even though Anglo American’s market capitalization is more than twice that of Teck, they still describe it as a “merger of equals.” Shareholders voted on the deal in December, and Price said the company would complete all antitrust and competition-related filings with global regulators.

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

Price’s comments came as the company reported third-quarter profit from continuing operations attributable to shareholders of $281 million, or 57 cents per diluted share. This compares with a loss of $748 million, or $1.45 per diluted share, in the same period last year. On an adjusted basis, Teck Biotech said it earned 76 cents per diluted share from continuing operations in the latest quarter, up from an adjusted profit of 60 cents per diluted share a year ago. Revenue totaled $3.39 billion, up from $2.86 billion in the same period last year.

Teck Resources said in reporting third-quarter results that production in Quebrada Blanca, Chile, continues to be constrained by the pace of development of its tailings management facilities, requiring concentrator shutdowns.

Mullen Group’s third-quarter profit falls year-over-year as acquisitions boost revenue

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

The trucking and logistics company said it earned $33.2 million, or 36 cents per diluted share, in the quarter ended Sept. 30. This compares with profit of $38.3 million, or 41 cents per diluted share, in the same period last year.

Revenue for the quarter totaled $561.8 million, up from $532.0 million in the same period last year. This growth was driven by the acquisitions of Cole International Inc. and Pacific Northwest Moving (Yukon) Ltd.

On an adjusted basis, Mullen Group said it earned 38 cents a share in the latest quarter, down from an adjusted 41 cents a share in the same period a year ago.

Wealthsimple says assets under management exceed $100 billion

Wealthsimple Inc. said it has reached $100 billion in assets under management as the company tweaks its products. The privately held financial platform has roughly doubled its assets from a year ago and has set a goal of reaching the $100 billion mark by 2028.