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Spin Master signs deal to buy Melissa & Doug for US$950 million

Published Wed, 12 Feb 2025 16:01:18 GMT

TORONTO — Spin Master Corp. has signed a deal to buy U.S.-based toy company Melissa & Doug for US$950 million in cash.Spin Master chief executive Max Rangel says Melissa & Doug is a trusted brand of early childhood toys with an evergreen portfolio.Rangel says the addition of Melissa & Doug will expand Spin Master’s presence in new categories, providing immediate revenue growth.Spin Master is best known for its Paw Patrol, Bakugan, Hatchimals, Rubik’s Cube and Gund brands.It says it plans to finance the purchase price with about $450 million in balance sheet cash and $500 million in debt financing.The agreement also includes up to an additional US$150 million that is subject to achieving certain financial targets for 2024 and 2025. This report by The Canadian Press was first published Oct. 11, 2023.Companies in this story: (TSX:TOY)The Canadian Press

Exxon Mobil buying buys Pioneer Natural in $59.5 billion deal with energy prices surging

Published Wed, 12 Feb 2025 16:01:18 GMT

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. The transaction’s value, including debt, is about $64.5 billion. Pioneer shareholders will receive 2.3234 shares of Exxon Mobil for each Pioneer share they own.Exxon purchased XTO Energy in 2009 for approximately $36 billion. In the late 1990s, the merger between Exxon and Mobil totaled more than $80 billion.The deal with Pioneer Natural gives Exxon Mobil more access to the Permian basin, which runs through parts of Texas and New Mexico. Exxon has been flush with cash. The company posted record annual profits in 2022, bringing in $55.7 billion in annual profits, exceeding its previous record of $45.22 billion in 2008.Exxon has been using some of that cash on acquisitions. In July the company announced that it was buying pipeline operator Denbury in an all-stock deal valued at...

Populist former prime minister in Slovakia signs a deal to form a new government

Published Wed, 12 Feb 2025 16:01:18 GMT

BRATISLAVA, Slovakia (AP) — A former prime minister of Slovakia who plans to end the country’s military support for Ukraine is poised to return to office after his political party signed a deal Wednesday with two other parties to form a coalition government. The leftist Smer, or Direction, party captured 22.9% of the vote in Slovakia’s Sept 30 parliamentary election. The party’s leader, populist former Prime Minister Robert Fico, needed to find coalition partners to rule with a majority in the country’s 150-seat Parliament.The memorandum signed Wednesday provides for a coalition of Smer, which holds 42 seats; the left-wing Hlas, or Voice, party, which placed third in the election and has 27 seats; and the ultra-nationalist and pro-Russia Slovak National Party, which has 10 lawmakers in the new parliament. Fico’s former deputy in Smer, Peter Pellegrini, is the leader of Hlas. Pellegrini parted ways with Fico after the scandal-tainted Smer lost the previo...

The Federal Trade Commission proposes a ban on junk fees and says hidden charges push up prices

Published Wed, 12 Feb 2025 16:01:18 GMT

WASHINGTON (AP) — The Federal Trade Commission on Wednesday proposed a rule to ban any hidden and bogus junk fees, which can mask the total cost of concert tickets, hotel rooms and utility bills.President Joe Biden has made the removal of these fees a priority of his administration. The Democrat’s effort has led to a legislative push and a spate of initiatives aimed at helping consumers. Administration officials have said these additional costs can inflate prices and waste people’s time.“The proposed rule would prohibit corporations from running up the bills with hidden and bogus fees, requiring honest pricing and spurring firms to compete on honesty rather than deception,” FTC Chair Lina Kahn said on a call with reporters. “Violators will be subject to civil penalties and be required to pay back Americans that they tricked.”The FTC proposal is being coupled with the Consumer Financial Protection Bureau announcing that it will block large banks from charging junk fees to...

AP Election Brief | What to expect in Louisiana’s statewide primaries

Published Wed, 12 Feb 2025 16:01:18 GMT

WASHINGTON (AP) — The race to replace term-limited Democratic Gov. John Bel Edwards tops the list of contests Louisiana voters will decide this Saturday in one of only three gubernatorial elections scheduled for this year. Fourteen candidates are competing to succeed Edwards under a unique primary system in which all candidates appear together on the same ballot regardless of party affiliation. If no candidate receives a majority in Saturday’s election, the top two vote-getters will advance to the general election on Nov. 18.Republican hopefuls include state Sen. Sharon Hewitt, state Attorney General Jeff Landry, state Treasurer John Schroder, former business trade association CEO Stephen Waguespack, and three others. A Republican candidate, state Rep. Richard Nelson, withdrew from the race in September and endorsed Landry but will remain on the ballot per state election laws. Former state Transportation Secretary Shawn Wilson is the only major Democratic candidate vying for the sea...

JOC, Sapporo announce decision to abandon bid for 2030 winter games, seek possible bid from 2034 on

Published Wed, 12 Feb 2025 16:01:18 GMT

TOKYO (AP) — Officials from Sapporo and the Japanese Olympic Committee on Wednesday announced a decision to withdraw the northern Japanese city as a candidate to host the 2030 Winter Olympics, with the effort soiled by massive corruption and bid-rigging tied to the one-year delayed Tokyo Games. Sapporo Mayor Katsuhiro Akimoto and JOC President Yasuhiro Yamashita, at a joint news conference in Tokyo, said they are withdrawing because of the lack of support from the citizens whose trust was largely lost because of the 2020 Tokyo Olympic corruption cases that erupted last year. “We could not gain understanding from the citizens,” Akimoto told reporters. “There has been a widespread sense of uneasiness among the citizens about the criminal cases related to the 2020 Tokyo Games, and they are also worried about their financial burden for hosting the games.” Prior to the announcement, the two officials met in Tokyo to finalize their decision. It comes just as Stockholm, Sweden, is now seen...

‘Big dreams’ as Maple Leafs get set to open 2023-24 season

Published Wed, 12 Feb 2025 16:01:18 GMT

The Toronto Maple Leafs entered an offseason shrouded in uncertainty when they were eliminated in the second round by the Florida Panthers in May.With fans clamouring for change at all levels, 10 regulars entering unrestricted free agency and an Auston Matthews extension negotiation hanging in the balance, star right winger Mitchell Marner was unwavering in his support of the core.After an off-season of tweaks, including a change at the executive level with former Calgary Flames GM Brad Treliving taking over for Kyle Dubas, Marner re-emphasized that belief on Tuesday ahead of the Leafs’ 2023-24 NHL season opener in an interview on “The Jeff Marek Show.”“We obviously have some big dreams,” the 26-year-old winger said about the team’s ambitions. “We need everyone on that roster. That’s our goal.”It is a roster that has remained defined by its Core Four forwards: Matthews, captain John Tavares, William Nylander and Marner, who finished last season with 30 goals and 69 assis...

Dozens of flights canceled after fire rips through a parking garage at London’s Luton Airport

Published Wed, 12 Feb 2025 16:01:18 GMT

LONDON (AP) — Thousands of travelers faced disruption as all flights were suspended on Wednesday at London’s Luton airport after a fire tore through a newly built parking garage, destroying vehicles and partially collapsing the structure.Four firefighters and an airport employee were treated in hospitals for smoke inhalation after the fire, which erupted on Tuesday evening.All flights were suspended until at least 3 p.m. on Wednesday, the airport said in a statement, and would-be passengers were asked to stay away because emergency crews were still on the scene.Luton, about 56 kilometers (35 miles) north of central London, is a hub for easyJet, Ryanair and other budget airlines running flights to destinations in the United Kingdom and Europe.Some passengers had to wait at the nearby railway station because the airport was closed.Nikodem Lesiak, a university student trying to return to Poland, said he had spent the night at the station.“When we got here, we found out Luton is b...

How does the new Honda Pilot stack up against the 2024 Toyota Grand Highlander?

Published Wed, 12 Feb 2025 16:01:18 GMT

The Honda Pilot is a popular midsize SUV for shoppers in need of a versatile family-oriented hauler. For years, buyers have enjoyed its three rows of seating, loads of storage, and clever features. Now there’s a new generation that debuted for 2023. It has fresh styling, more interior room and a new TrailSport version with enhanced off-roading capabilities. But savvy shoppers will know the Pilot isn’t the only pick in the class. Notably, Honda’s longtime rival, Toyota, is looking to usurp the Pilot’s standing with its all-new Grand Highlander. As its name implies, the Toyota Grand Highlander is bigger and more spacious than the regular Highlander. It also gets a handful of upgrades that make it a compelling rival to the Pilot. Which three-row SUV is best? Edmunds’ experts compare the two to find out which comes out on top.FUEL ECONOMY AND POWEREvery Honda Pilot comes with a V6 engine that makes 285 horsepower. Depending on its configuration, the Pilot gets an EPA fuel economy estima...

Memorial honors 1911 Triangle Shirtwaist factory fire deaths that galvanized US labor movement

Published Wed, 12 Feb 2025 16:01:18 GMT

NEW YORK (AP) — If people really looked for history at the New York City building where the Triangle Shirtwaist factory once existed, they could find it. There are plaques pointing out that it was the site of a horrific fire in 1911 that became a catalyst in the American labor movement’s fight for workplace safety protections.But for some, a few words on a wall aren’t nearly enough to honor the fire’s 146 victims.So after years of effort, the Remember the Triangle Fire Coalition on Wednesday is dedicating a new memorial that has no chance of being overlooked.A giant steel ribbon with the names of those who died in the disaster, predominantly women and girls, has been installed running horizontally from one corner of the building. Underneath it, a reflective panel shows the stenciled names as well as quotes from people who were there, describing the mayhem. In the coming weeks, a vertical steel column will be added to the corner to span almost the entire height of t...