May 9, 2017 / 10:09 AM / a year ago

PRESS DIGEST- Canada- May 9

May 9 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.


** Ontario is selling a further $2.79 billion stake in Hydro One Ltd, taking advantage of the recent short-term strength in the share price to reduce its holding. The province said it sold 120 million shares at $23.25 apiece on a bought deal basis to a syndicate of Bay Street investment banks. The deal was done at a 3.25 percent discount to the closing price of $24.03.

** Southern Ontario risks losing out on a $15-billion stimulus to the province's gross domestic product if airports fail to co-ordinate their development to take advantage of a massive increase in airline-passenger traffic by mid-century, according to a study done for the Southern Ontario Airport Network.

** PrivateBancorp Inc is forging ahead with a planned May 12 meeting for investors to vote on the $4.9 billion takeover offer by Canadian Imperial Bank of Commerce, even as proxy advisory firm, Institutional Shareholder Services, is urging that they reject the latest terms of the deal.


** Caisse de depot et placement du Quebec has withheld support for Bombardier Inc chairman Pierre Beaudoin and voted against the compensation of its executives, which had led to public outrage last month.

** TransAlta Corp's surprising decision to shut down its coal-fired power plants early and convert them to burn natural gas will save the company C$1.5 billion, based on a projected $50 per tonne carbon tax in 2022.

** Uber has launched a research hub in Toronto, its first outside the United States, focused on the development of self-driving cars, the company Chief Executive Travis Kalanick said in a blogpost on Monday. (Compiled by Bengaluru newsroom)

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