Canexus CorpOTCPK - Current
Thu, Jun. 30, 4:59 PM
- Superior Plus (OTC:SUUIF) says it is pulling out of its planned acquisition of rival chemical maker Canexus (OTCPK:CXUSF) after failing to agree on terms of an extension would have allowed for more time to fight off a U.S. legal challenge.
- The FTC came out Monday in opposition to the merger, saying the deal would lead to higher prices for sodium chlorate, a chemical used to bleach wood pulp that is then processed into paper, tissue and other products.
- Superior Plus rallied on the news, closing 3.7% higher in Toronto trading; Canexus fell 0.7%.