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Business Watch
Global Wind hires CEO
GLOBAL Wind Group Inc., the designer, manufacturer and distributor of vertical-axis wind turbines, has hired John Fjeldsted as its president and CEO.
Global Wind's renewable energy producing wind turbines are starting to gain traction in markets around the world.
Fjeldsted is currently the executive director of the Manitoba Environmental Industries Association and will be working there part-time for the short-term as he takes up his new role with Global Wind Group. Prior to that, he was with Manitoba Hydro for 35 years where he helped develop and deliver environmental management systems.
"This is an exciting day for our company," said Alex Stuart, who relinquishes his role as president to become vice-president technical development. "John brings a wealth of experience working with all kinds of renewable energy technologies, knows the business side of things, and shares our vision to build this company into a true global leader in delivering clean technology."
Rebranding award
ECONOMIC Development Winnipeg was one of only 10 groups to receive an outstanding achievement award among the 166 economic development agencies across the country.
It received the award at this week's meetings of the Economic Development Association in Quebec City.
In particular, it was recognized for its successful rebranding and restructuring as well as the 45 per cent increase in building permit values over the first quarter of last year and its support of major expansions by Magellen Aerospace and Monsanto Canada.
In addition, EDW was recently recognized as one of the Top 10 economic development groups in Canada by Site Selection magazine.
PotashCorp sues suitor
TORONTO -- PotashCorp is suing its suitor, BHP Billiton, for allegedly driving down the Saskatoon-based fertilizer giant's shares over several years so it could be acquired on the cheap.
In a court filing Wednesday, Potash Corp. of Saskatchewan (TSX:POT) asked a U.S. court to block BHP Billiton's takeover bid unless more information is provided, describing the US$38.6-billion offer as "coercive," "built upon false and misleading statements and omissions" and "built upon BHP's manipulation of the perceived value of PCS."
BHP dismissed the lawsuit as "without merit" and said it will "contest it vigorously."
"While PotashCorp's actions seek to deprive its shareholders of a fully financed all-cash offer, we do not believe this lawsuit will interfere with or delay our offer. We strongly believe that PotashCorp's shareholders should have the opportunity to decide on the merits of our offer," the company said in an emailed statement.
The 45-page court filing paints a nefarious picture of BHP, arguing the company had been studying PotashCorp since 2001 but had "choked on the share price."
$3.2-billion merger
TORONTO -- Biovail Corp. and Valeant Pharmaceuticals International expect their $3.2-billion merger will be completed by Sept. 28, earlier than many on the Street anticipated.
Assuming shareholders of both companies approve the business combination on the 27th, Mississauga, Ont.-based Biovail's name will change and it will trade on the Toronto Stock Exchange and New York Stock Exchange as Valeant.
Many are viewing this as a much-needed fresh start for Biovail, a former stock market darling.
-- Staff / news services
Republished from the Winnipeg Free Press print edition September 23, 2010 B8
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US Treasury secretary says he has begun tapping federal retiree pension fund to avoid default
7:54 PM 0WASHINGTON - Treasury Secretary Jacob Lew said late Monday he will begin tapping into two government employee retirement funds to ...
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