Regional News

[TORONTO, ON] - BlackBerry co-founders Mike Lazaridis and Douglas Fregin are looking at making a potential takeover bid for the troubled smartphone maker (TSX:BB).

According to documents filed with the U.S. Securities and Exchange Commission, the two are "interested in pursuing a joint bid" with "the goal of stabilizing and ultimately reinventing the company."

BlackBerry has struggled this year as sales of its latest smartphones failed to catch fire.

The company launched a strategic review to explore its options including the possible sale or break up of its operations.

Fairfax Financial (TSX:FFH), BlackBerry's largest shareholder, has made a conditional takeover bid worth $9 per share, which values the company at $4.7 billion.

Together Lazaridis and Fregin own roughly an eight per cent stake in BlackBerry.

Province: | Section : National Scene

Astaldi Canada is set to be awarded the contract for major civil works on the Muskrat Falls hydroelectric project on the lower Churchill River, near Happy Valley-Goose Bay (Labrador).

According to project leaders at Nalcor Energy, the contract is not yet signed (Oct. 10), but final negotiations are underway and expected to conclude “in the coming weeks.”

The work package will include construction of the powerhouse, intake, gated spillway and transition structures. It has an estimated value of about $1 billion, though that number has been floated by industry and is not confirmed by Nalcor Energy.

Nalcor has refused to release any details on the value of project contracts, including both the estimated value of contract awards and the true cost of project work at the end of the day.

In any event, the contract for major civil works signals a major step forward in the construction of what will — at 824-megawatt capacity — be Newfoundland and Labrador’s second-largest power generator after the hydroelectric generating station at Churchill Falls.

The contract for the major civil works at Muskrat Falls has received attention not only for its size and value, but also for comments made by representatives for a company in competition for the contract.

In late September, Aecon chairman and CEO John Beck — one of Astaldi’s competitors for the work — spoke out through local media in Newfoundland and Labrador, saying he felt contracts like the one for the major civil works at Muskrat Falls should not be awarded to companies…

Province: | Section : Construction & Transportation

The portfolio is in addition to his existing duties as Minister Responsible for Labrador and Aboriginal Affairs.

McGrath replaces Tom Hedderson who was appointed Parliamentary Assistant to the Premier.

Born and raised in St. John’s McGrath moved to Labrador West in 1978. Over the next three decades he established himself as a successful, restaurateur and businessman, owning and operating six businesses.

McGrath, who is a Shotokan Karate Black Belt, devoted his time and energy to numerous organizations in Labrador West over the years; holding the position of ‘President’ in many of them including: the Rotary Club, Rowing Association, Tourism Association, Hospitality Newfoundland and Labrador and Combined Councils of Labrador.

he was appointed to the cabinet in 2011. He has served as: Minister Responsible for Labrador Affairs; Minister of Service NL, and Minister Responsible for the Government Purchasing Agency, Office of the Chief Information Officer, the Workplace Health, Safety and Compensation Commission.

McGrath has a daughter Krista-Lee, a son Joshua and one grandson Nash.

Province: | Section : Construction & Transportation