Toronto stocks down; Fairfax Financial shares jump on takeover and sale of subsidiary interests

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By Adriano Marchese

Stocks in Canada edged lower Wednesday at midday as most sectors offset gains in non-energy minerals and energy stocks. The shares of Fairfax Financial Holdings Ltd. surged after announcing it would sell a roughly 10% stake in a U.S.-based subsidiary to fund a $1 billion buyout.

Canada’s S&P/TSX Composite Index was down 0.29% at 21654.12 and the blue-chip S&P/TSX 60 was down 0.38% at 1302.03.

The shares of Fairfax Financial Holdings Ltd. rose 7.7% to C$585.04 after announcing that it had agreed to sell two tranches of a nearly 5% stake in Odyssey Group Holdings Inc. for $900 million, which it will use to redeem and cancel up to $1 billion. of his own actions.

Other market drivers:

The shares of Leon’s Furniture Ltd. climbed 0.8% to C$24.46 after announcing that it would buy up to C$200 million of its own shares, equivalent to approximately US$159.2 million.

The shares of Goodfood Market Corp. fell to C$5.25, falling 27% after suffering a loss in the fourth quarter of fiscal 2021, as the effects of reopening and seasonality weighed on revenue.

Lithium Americas Corp. fell 3.2% to C$5.69 after announcing it would buy Millennial Lithium Corp. for a total consideration of approximately US$400 million in cash and stock.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswire

17-11-21 1216ET

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