CanWest, First Quantum, Magna, Onex: Canadian Equity Preview

By John Kipphoff

Nov. 13 (Bloomberg) -- The following companies may have unusual price changes in Canadian trading. Stock symbols are in parentheses, and share prices are from the previous close in Toronto.

The Standard & Poor's/TSX Composite Index dropped 5.3 percent to 8,922.57.

Auto-parts makers: Canadian Industry Minister Tony Clement said the government is considering how it can help car manufacturers cope with the global economic slowdown. He didn't elaborate. Shares of Canada's three biggest car-parts makers fell between 21 percent and 43 percent in October.

Magna International Inc. (MGA CN) dropped 4.8 percent to C$33.99 yesterday. Linamar Corp. (LNR CN) fell 2.3 percent to C$5.91. Martinrea International Inc. (MRE CN) added 0.8 percent to C$3.89.

AbitibiBowater Inc. (ABH CN): The largest newsprint producer will delay filing its quarterly financial statements while it completes amendments to credit facilities. Changes to lending agreements for its Bowater Inc. subsidiary will have a ``significant'' effect on the statements, Montreal-based AbitibiBowater said. The shares dropped 15 percent to C$1.43.

Canwest Global Communications Corp. (CGS CN): Canada's biggest media company plans to eliminate 560 jobs to help reduce annual costs by about C$61 million ($49.3 million). The cuts, in the form of buyouts, attrition and firings, represent about 5 percent of the workforce, Winnipeg-based Canwest said. Shares fell 6 cents to 85 cents.

First Quantum Minerals Ltd. (FM CN): The miner of copper in Africa will curtail exploration and capital spending because of falling metal prices. Sales, profits and cash flow for the rest of the year will be ``materially lower'' than in the third quarter if current copper prices persist, the Vancouver-based company said. The shares declined 14 percent to C$19.35.

Onex Corp. (OCX CN): Canada's biggest publicly traded buyout firm delayed the closing of a new $4.5 billion buyout fund, and ``very difficult'' credit markets may last until 2010, chief executive officer Gerry Schwartz said. Onex also reported a third-quarter profit of C$38 million ($30.8 million), compared with a loss of C$77 million a year earlier. The shares rose 2.8 percent to C$20.25.

To contact the reporters on this story: John Kipphoff in Toronto at jkipphoff@bloomberg.net.