TSX Up 150 Pts, More Than 1% On Commodities Buying; Led By Takeover Target Flint Energy Services
Toronto stocks are up around 150 points or more than 1% with around one hour of trading left Tuesday, led by buying of commodity stocks on the prospect of increased resources buying as a settling of Greek debt problems gives hint that the global economy can strengthen.
Leading the way - Canadian oilfield services company Flint Energy Services (FES.TO) is up 66% with around 17 million shares traded, with shares currently trading at $24.79, the highest level since mid-2008. U.S. engineering company URS Corp announced that it will buy FES for C$1.25 billion in cash. Flint shareholders will get C$25 a share, a 68% premium over the stock's closing price Friday. URS will also assume C$225 million in Flint debt as part of the proposed deal.
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