Merger with TCPL hits some Nova holders with big tax bills
Article Abstract:
TransCanada PipeLines Ltd.'s (TCPL) C$15-billion merger with Calgary, Alberta-based Nova Corp. has resulted to big tax bills for Nova shareholders. Several small Nova shareholders complain of the big capital gains tax they are required to pay.Helen Wesley, manager of investor relations at Nova, said both Calgary-based TCPL and Nova agreed to made the merger taxable in the hands of Nova shareholders, avoiding the exposure of the merged company to a massive tax bill of $1 or $2 a share.Wesley said that over 99% of Nova shareholders voted in favor of the deal in June 1998.
Comment:
Its C$15-bil merger w/ Calgary, Alberta-based Transcanada Pipelines Ltd results to big capital gains taxes for Nova shareholders
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Confederation group close to dodging $1.8-billion lawsuit
Article Abstract:
Pacific Life Insurance Co of Newport Beach, CA, will acquire a block of annuities worth $2.8 billion which was sold by Confederation Life Insurance before it was closed. The deal would result in the dismissal of a $1.8-billion lawsuit filed by Michigan Insurance Commissioner against the 26 former Confederation Life officers and directors, accounting firm Ernsts and Young and one of Bank of Montreal's US subsidiary. The proceeds of the sale mean that the US rehabilitator will get 100 cents on the dollar for US policy holders.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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Kodak cuts deep in effort to change focus
Article Abstract:
Eastman Kodak Co., the world's biggest photography company, is eliminating 5,000 more jobs than originally planned 28,000 jobs. The job cuts are being driven by the sale of Kodak's health-imaging unit.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 2007
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