Tuesday, May 31, 2011
Canada’s Chrysler stock may be sold
TORONTO
The chief executive officer of Chrysler and Fiat said Monday he and Canadian authorities have begun talking about purchasing Canada’s 1.7 percent ownership in Chrysler.
The Canadian federal government and provincial Ontario governments received 1.7 percent of Chrysler two years ago as part of a bailout that also provided $1.7 billion in loans to help the Detroit company survive.
Chrysler, already controlled by Fiat, recently paid back the last of the money it borrowed from the Canadian and American governments. Fiat then began the process of buying the shares owned by the U.S. government.
Fortis to buy power company for $470M
The Canadian utility Fortis Inc. said Monday that it will purchase electricity distributor Central Vermont Public Service Corp. for about $470 million to get a foothold in the U.S. energy market.
Fortis will pay $35.10 per share in cash for CVPS. That represents a premium of $10.78, or about 44 percent, to the closing price of CVPS shares Friday. Fortis also will assume the utility’s debt of $230 million.
From wire reports
Selected local stocks
STOCK, DIVIDENDCLOSECHANGE
Aqua America, .62, 22.35 .06
Avalon Holdings,2.8899.02
Clear Channel, .63 58.94 .43
Cortland Bancorp, 7.200.00
Farmers Nat., .12, 4.88 .08
First Energy, 2.20, 44.34.05
FirstMerit Corp., .64,16.24 .07
First Niles Financial, .32,7.50.00
First Place Fin., 1.46.06
FNB Corp., .48,10.22.09
General Motors,31.25.57
General Electric, .60,19.45.03
Motors Liquidation, .040.00
Huntington Bank, .04, 6.53.11
JP Morgan Chase, 1.00,42.79.34
Key Corp, .04,8.45.15
LaFarge, 16.77 .46
Macy’s, .20, 28.91.26
Parker Hannifin, 1.48, 89.401.39
PNC, 1.40,62.54.08
RTI Intl. Metals,37.07—.20
Rural/Metro, 17.11 .02
Simon Prop. Grp.,3.20,116.23.54
Stoneridge 14.79 .44
United Community Fin. 1.31.04
Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.