Augusta Resource Corp., the developer of the Rosemont copper mine, rejected a C$343 million ($309 million) unsolicited bid from Canada’s HudBay Minerals Inc. as too low and said it’s pursuing other “value- maximizing” options.
Maxcom Telecomunicaciones SAB’s dollar bonds are yielding twice as much as similar-rated global debt, a sign to Scotia Capital and Tradition Asiel Securities that the securities are a bargain as the Mexican phone company has enough cash to service debt for the next three years.
Canadian stocks rose, capping a second week of gains for the benchmark index, on speculation the U.S. Federal Reserve will maintain monetary stimulus and as China’s ruling party announced changes to economic policy.
The Standard & Poor’s/TSX Composite Index will return about 15 percent next year as equities rebound in the second half of the year, said Vincent Delisle, chief strategist at Scotia Capital. Delisle forecast Canada’s main benchmark index will end 2012 at 13,250, compared with 11,497 today. Delisle spoke at the Bloomberg Canadian Investment Outlook 2012 webinar in Toronto today.