Stock market news for investors: Iamgold expands, Teck advances merger talks and Wealthsimple reaches $100 billion milestone

As a part of the transaction, Northern Superior shareholders will receive 0.0991 Iamgold shares and 19 cents in money for every share of Northern Superior common stock. The offer implies a complete 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 features a simultaneous distribution of all shares of ONGold Resources Ltd. currently held by Northern Superior. to Northern Superior shareholders.

In a second deal, Iamgold Mines D’Or will acquire Orbec Inc. in a stock-and-cash deal valued at $17.2 million, less the 6.7 percent stake it already holds in the corporate. Orbec shareholders will receive 6.25 cents and 0.003466 of an Iamgold share for every Orbec share they hold, price 12.5 cents per share.

Teck Resources is “very pleased” with the progress of discussions with regulators over the Anglo deal.

The boss of Teck Resources (TSX:TECK.B) says he’s pleased with the best way talks with government officials are going as the corporate seeks Ottawa’s approval for its planned merger with British mining giant Anglo American – although the industry minister signaled last month that she wants more from the businesses.

“Discussions are ongoing and they are productive and we are very pleased with the way they are progressing at the moment,” Chief Executive Jonathan Price said in a conference call on Wednesday to debate the corporate’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 could be used to dam deals which can be contrary to the national interest.

“We are working continuously and cooperatively with the Canadian government on this,” Price said.

“These discussions were frequent and productive.” He said he believes the corporate has presented a powerful and comprehensive package of commitments to Canada, a key element of which is the plan to maneuver Anglo’s headquarters to Vancouver.

The corporations said the merger would create a $70 billion copper mining powerhouse with headquarters and top executives in Vancouver. They called it a “merger of equals,” although Anglo American is price greater than twice as much. Shareholders will vote on the deal in December, while Price said the corporate would complete all of its antitrust and competition filings with regulators worldwide.

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

Price’s comments got here as the corporate reported third-quarter profit attributable to shareholders from continuing operations of $281 million, or 57 cents per diluted share. The result compares with a lack of $748 million, or $1.45 per diluted share, within the year-ago quarter. On an adjusted basis, Teck said it earned 76 cents per diluted share from continuing operations in its most up-to-date quarter, compared with adjusted earnings of 60 cents per diluted share a yr earlier. Revenue was $3.39 billion, up from $2.86 billion within the year-ago quarter.

In reporting third-quarter results, Teck said production at Quebrada Blanca in Chile continued to be constrained by the pace of development of a tailings management facility, requiring concentrator downtime.

Mullen Group’s third-quarter profit fell from a yr ago as acquisitions boosted revenue

Mullen Group Ltd. (TSX:MTL) reported a year-over-year decline in third-quarter profit as acquisitions helped boost revenue.

The trucking and logistics company said it earned $33.2 million, or 36 cents per diluted share, within the quarter ended Sept. 30. The result compared with a profit of $38.3 million, or 41 cents per diluted share, a yr earlier.

Quarterly revenue was $561.8 million, a rise from $532.0 million within the year-ago quarter. The increase was driven by the acquisitions of Cole International Inc. and Pacific Northwest Moving (Yukon) Ltd. supports.

On an adjusted basis, Mullen Group earned 38 cents per share in its most up-to-date quarter, compared with adjusted earnings of 41 cents per share a yr ago.

According to Wealthsimple, assets under management are over $100 billion

Wealthsimple Inc. says its assets under management have reached $100 billion as the corporate optimizes its offerings. The privately held financial platform’s assets have roughly doubled in comparison with last yr, while it set a 2023 goal of reaching the $100 billion mark by 2028.