CAPITAL MARKETS

Fording seeks rival bid

CANADIAN coal producer Fording has formally urged its shareholders to reject an unsolicited C$1.5 billion bid from Sherritt International and the Ontario Teachers' Pension Fund, and said it had started testing the waters for competing offers.

Greg Tubby

Investors have criticised Fording for not seeking rival bids earlier, choosing instead to rely on its plan to reorganise into an income trust as a defensive tactic. The world's second-largest metallurgical...

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