Top News Today/Canada: Cenovus Agrees to C$5.7 Billion Acquisition of Athabasca Oil

HEADLINES

Cenovus Expands Oil Sands Footprint With C$5.7 Billion Acquisition of Athabasca Oil

Cenovus Energy has agreed to acquire Athabasca Oil in a cash-and-stock deal valued at C$5.7 billion, consolidating its position in Canada's resource-rich oil sands region.

Under the terms of the agreement, Athabasca shareholders will have the option to receive C$12.00 in cash, 0.264 of a Cenovus common share, or a combination of both for each share held, capping total consideration at up to 75% cash and 35% equity.

The transaction adds about 45,000 barrels of oil equivalent per day in immediate production near Cenovus's existing Christina Lake and Foster Creek operations in Alberta, while establishing a path to ramp total thermal output to 115,000 barrels per day by 2032.

Cenovus shares ended Monday's session down 3% at C$44.86. Athabasca shares surged 13.5% to C$12.01.

Cenovus is Paying a Scarcity Premium for Acquiring Athabasca Oil

Cenovus Consolidates Alberta Operations as Global Energy Supply Takes Center Stage

Curaleaf Aims to Win Over Big Investors with Sweetened $324.2 Million Offer for Aurora Cannabis

Curaleaf Holding's sweetened offer for Aurora Cannabis is aimed at winning over institutional investors and forcing the target company into negotiations.

Curaleaf Chairman and Chief Executive Boris Jordan said the raised offer, made Monday, was also designed to preempt competing bids from being entertained, while aligning with a wave of institutional investors who he said are steadily accumulating shares of Aurora since Curaleaf first made its offer in August.

The new offer, for $5 a share, values Aurora at $324.2 million, and ups its earlier offer by about 25%. Even without access to Aurora's books, Jordan said the Curaleaf offer represents a bid to flush out rival suitors and force management to the table.

Shares of Aurora jumped 14.2% to C$6.37.

Services PMI Remains in Contraction Territory Despite Rise to 46.8 in September

Activity in Canada's services industry continued to weaken last month despite some signs of improvement, data released Monday showed.

The S&P Global Canada services purchasing managers index rose to 48.3 in September after falling to 46.8 the month before, though for a fourth straight month came in below the 50 threshold separating contraction from expansion.

"September once again proved to be a difficult month for businesses," said Paul Smith, economics director at S&P Global Market Intelligence.

Monetary Reserves Declined $2.12 Billion in September

Ithaca Energy to Buy Offshore Canada Oil Assets From Suncor Energy for Up to $1.1 Billion

Ithaca Energy agreed to buy a portfolio of offshore oil projects from Canada's Suncor Energy for up to $1.11 billion.

The London-listed energy company said it would buy a 48% stake in Terra Nova, a 40% interest in White Rose Existing Lands and 38.6% in White Rose Growth Lands, which are all situated in shallow waters off the east coast of Canada.

It will pay $860 million cash upfront, with up to $250 million in potential further payments tied to future oil prices.

Suncor's Exit From Non-Core Offshore Assets Makes Strategic Sense

Telus, AST SpaceMobile Complete Integration Test Between Wireless, Space-Based Networks

Telus and AST SpaceMobile said they completed the first integration test between their two networks.

The companies said the test, which combined Telus's wireless network with AST SpaceMobile's space-based network of satellites, marks progress in their efforts to connect smartphones in remote areas of Canada.

The companies said they expect to make the space-based service available to Telus customers within the next year, allowing customers to use eligible smartphones beyond the reach of traditional cell towers.

Nutrien to Permanently Shut Trinidad Nitrogen Facility

Canadian fertilizer producer Nutrien is shuttering its nitrogen operations in Trinidad for good due to natural gas constraints and uncertainty.

The company said it will indefinitely shut down its nitrogen operations at the Point Lisas facility in Trinidad following an extensive review of strategic alternatives.

A closure of the operation was determined to be the optimal path to enhance free cash flow and return on invested capital, Nutrien said.

NFI Group Secures Order for 100 Hybrid, Electric Transit Buses From Washington Metro

NFI Group has secured a firm order for 100 transit buses from the Washington Metropolitan Area Transit Authority.

The deal marks the second option exercised under a five-year contract for 500 buses with Washington Metro, and will include 75 Xcelsior hybrid-electric forty-foot transit buses and 25 Xcelsior Charge NG battery-electric forty-foot transit buses.

The new buses are destined to replace old and retiring fleet units and are part of Metro's five-year plan to transform its public transit experience. The 50 ton a day modular processing plant will serve as a test ground for Dynacor's expansion into Senegal and Africa more broadly. The Canadian company currently operates the Veta Dorada plant and owns a gold exploration property in Peru.

Dynacor Notches First Gold From Senegal Pilot Plant

Dynacor completed the first gold pour at its pilot plant in Senegal, part of the ore processor's effort to diversify its geographic footprint.

The company said the first gold dore pour was achieved Sept. 30 at the Galam plant.

The plant run time and gold recovery are increasing steadily and the next step is to ramp up production to nameplate capacity, Dynacor said. The 50 ton a day modular processing plant will serve as a test ground for Dynacor's expansion into Senegal and Africa more broadly. The Canadian company currently operates the Veta Dorada plant and owns a gold exploration property in Peru.

Saltire Capital Executive Chairman Larry Swets Jr. Transitions to Interim CEO

Saltire Capital Executive Chairman Larry Swets Jr. has moved into the role of interim chief executive as part of leadership changes the investment firm said will help it focus on cutting costs, improving existing business operations and scaling back debt-funded acquisitions.

The Toronto-based investment company said Andrew Clark and Robert Clark have ceased serving as CEO and chief investment officer, respectively. The pair will remain directors until the next annual meeting of shareholders or until they resign or a successor is elected or appointed, Saltire said.

Swets Jr. has transitioned to the role of CEO on an interim basis and Kyle Cerminara has taken up the position of executive chairman.

TALKING POINT

The Popular Jeweler That Got Caught in a Whirlwind When Gold Went Haywire

By David Uberti

Mejuri, a jeweler that built a following among young women with pieces worn by the likes of Taylor Swift, was already feeling the pain of costlier gold when prices touched $3,000 a troy ounce.

But then gold hit $4,000, then $5,000. And kept going up.

A wild stretch for the market has upended the way many investors view a commodity long considered a stable store of value. It has also forced many jewelers-not to mention their necklace-layering customers-to rethink their gold purchases.

At Mejuri, big boardroom decisions were soon tied to government inflation data, policy moves in Washington, and even reports of armed gangs turning to gold mining. Add in President Trump's reordering of global trade that boosted costs further, and the jeweler was faced with an emergency, said Chief Executive Noura Sakkijha.

"It would kill a business if you don't act very quickly," she said in a recent interview. "Everything was going up. At some point you're looking at your margin and you're like, 'How can we run this business?' It's not feasible."

Mejuri's globe-spanning operation must execute with precision before its customers can slip on the jeweler's tennis bracelets and signet rings. Refining partners such as Italpreziosi in Tuscany process raw gold, scrapped jewelry or old electronics into usable metal. A slate of contract manufacturers stretching from Italy to India to Thailand and beyond shape it into jewelry. Designers in the Manhattan neighborhood of Tribeca envision new styles. Sakkijha oversees it all from the company's Toronto headquarters.

As prices catapulted higher, the company leaned in to 10-karat gold, vermeil plating, silver and even (gasp) stainless steel. Mejuri rejiggered parts of a supply chain through which tens of thousands of ounces of gold flow each year. Expansion plans slowed for its roster of roughly 60 retail locations. Sourcing targets changed after reports of illicit metal piled up.

Although a recent rise in interest rates and the dollar have pushed gold lower, the market continues to seesaw wildly. Before 2025, futures prices swung by triple digits on a given day just three times in records stretching back a half-century. There have been 42 such sessions this year alone.

At the same time, as wealthy Americans continue shelling out for want-to-have items and experiences, some inflation-weary consumers focus more on what they need to have. Analysts and executives say that has contributed to a widened gap between luxury brands geared toward the ultrarich, and those that cater to everyone else.

Even though Mejuri ate some costs from gold's run-up, the company still had to raise prices. Executives say loyal customers-the firm derives about 55% of monthly revenue from repeat buyers-have come along for the ride.

But not everyone is game. On TikTok, where small armies of women routinely post about how they are styling the latest Mejuri drop, one user with a quarter-million followers this spring described a price hike on a 14-karat necklace as "DIABOLICAL."

Now, as Mejuri adapts to the new market, its contingency planning for the coming years includes a scenario that was previously unthinkable: gold nearly doubling again-to $8,000 a troy ounce.

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October 05, 2026 16:32 ET (20:32 GMT)