Canbra considers proposal
LETHBRIDGE, Alta. (Special) -Pocklington Financial Crop. is considering a proposal to make Canbra Foods Ltd a wholly owned subsidiary.
Pocklington owns 53 percent of the issued and outstanding common shares of Canbra Foods Ltd.
In a statement Monday, Canbra said its board of directors has appointed a special committee of independent directors to consider any proposal.
Canbra Foods Ltd. is an oilseed crushing, refining, processing and packaging operation in Lethbridge, Alta. Its common shares are listed on the Toronto Stock Exchange under the symbol CBF.
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Agriculture ministers agree to AgriStability changes
federal government proposed several months ago to increase the compensation rate from 80 to 90 per cent and double the maximum payment from $3 million to $6 million
CN Rail declares dividend
MONTREAL, Que. (Special) – Canadian National Railway Company’s board of directors has declared a quarterly dividend of 20 cents per share on outstanding common shares.
The quarterly dividend will be paid on Oct. 4 to shareholders of record at the close of business on Sept. 27.
Agrium to list on NYSE
CALGARY (Special) – Agrium Inc. has announced it has been cleared to file a listing application with the New York Stock Exchange and the company expects to begin trading on the NYSE, under the symbol AGU, on Oct. 4.
“A listing on the big board will permit investors in the United States and abroad to share in the future growth of Agrium the same way they invest in other major companies in the fertilizer industry,” said John Van Brunt, Agrium president and CEO.
“In addition, the listing consolidates our trading identity under a single symbol, AGU, on both the Toronto and New York Stock Exchanges.”
Agrium will voluntarily withdraw from the Nasdaq Stock Exchange, where its shares have been trading under the symbol AGMIF since 1995.
Agrium Inc., with headquarters in Calgary, is one of North America’s largest integrated and diversified fertilizer companies.
ADM board changes
CHICAGO, Ill. (Reuter) – Eight members of Archer Daniels Midland Co.’s board of directors will not stand for re-election at this year’s annual meeting in October, including two former executives and four current executives.
In a statement, ADM outlined 12 nominees to the board, which has been scaled back from 17 members originally. Of the 12 nominees, nine are current board members.
The composition of the board has come under scrutiny as several institutional shareholders have pressed for more independent directors on ADM’s board.
AgrEvo projects lucrative
NEW YORK (Reuter) – AgrEvo projects now in the development pipeline will produce annual sales of $2 billion (U.S.) in six to eight years, North American chief executive Maurice Delage said recently.
He said $700 million of those sales by 2002 will be earned by the chemical company’s Liberty Link herbicide project.
AgrEvo is expected to have sales of $3.6 billion this year, Delage said.
Agri-food sector gets help
PORTAGE LA PRAIRIE, Man. (Special) – A new government agency has been set up in Manitoba to assist the food sector with its economic growth.
Formerly called the National Agri-Food Technology Centre, the Food Development Centre will be a special operating agency of the provincial rural development department and will be based in Portage la Prairie, about 60 kilometres west of Winnipeg.
The centre is designed to help the food industry in product and process development, as well as in food safety and food quality testing.
