Canada's West Face Capital, an activist fund that successfully pressured for a shake-up at Maple Leaf Foods in 2010, has acquired a minority stake in SNC-Lavalin Group Inc, the scandal-plagued Canadian engineering and construction company.Shares of the Montreal-based company, whose former chief executive is facing fraud charges, rose 2.5 percent after a newspaper reported that West Face had taken the stake.SNC spokeswoman Leslie Quinton later said SNC has been aware since last autumn that West Face had become a shareholder."The size of their stake is under 10 percent because that is the threshold where its disclosed publicly, so we don't know the precise size," she said in an email.
Maple Leaf Foods Inc. is a meat, meals and bakery company. Shares of MFI traded higher by 0.77% or $0.1/share to $13.10. In the past year, the shares have traded as low as $9.88 and as high as $13.22. On average, 79787 shares of MFI.TO exchange hands on a given day and today's volume is recorded at 42805.
SNC-Lavalin Group Inc. (SNC-Lavalin) is an international engineering and construction company. Shares of SNC traded higher by 2.48% or $1.15/share to $47.49. In the past year, the shares have traded as low as $34.36 and as high as $53.86. On average, 554990 shares of SNC.TO exchange hands on a given day and today's volume is recorded at 1927583.
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