October 3, 2017 / 10:19 AM / 2 months ago

PRESS DIGEST- Canada- Oct 3

Oct 3 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

THE GLOBE AND MAIL

** Jean Coutu Group PJC Inc has struck a friendly C$4.5 billion ($3.59 billion) deal to sell its pharmacy business to grocer Metro Inc which would see Jean Coutu shareholders get C$24.50 a share, 75 percent in cash and 25 percent in Metro stock. tgam.ca/2fHnMiI

** Magna International Inc has settled a 20-year-old lawsuit that sought damages of C$2.6 billion against the company after it sold its airbag business in 1997. The company has agreed to pay C$25 million to Windsor, Centoco Holdings Ltd and KS Centoco Ltd, and relinquish a 23 percent stake in steering-wheel manufacturer KS Centoco as part of the settlement. tgam.ca/2fFWyJh

** Brandon Stranzl, executive chairman of Sears Canada Inc , has accused the company of creating a sale process that has sidelined his bid to keep the insolvent retailer operating. Stranzl says Sears' decision to sell its "crown jewels" - among them its 11 best stores - and let go of 1,200 more employees was made without consulting him. tgam.ca/2fHAcqH

NATIONAL POST

** Canada's largest real estate investment trust, RioCan , is putting C$2 billion of its holdings, comprising about 100 properties, onto the market over the next two to three years as it plans to focus on six core markets where there is more opportunity for growth. bit.ly/2fGNfsF

** Scotia Capital Inc, a unit of Bank of Nova Scotia , and Alberta Investment Management Corp (AIMCo) said they would cut their stake in the owner of Toronto Stock Exchange to less than 5 percent each. bit.ly/2fGXehq

** A proposal that would allow U.S. companies to immediately write off capital investments, part of a sweeping tax-reform plan announced by the White House last week, could put Canadian companies at a further disadvantage to their southern counterparts, tax experts say. bit.ly/2fH2eCR ($1 = 1.25 Canadian dollars) (Compiled by Bengaluru newsroom)

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