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TORONTO – Magna International Inc. says it has launched a targeted review of its historical records in response to sexual assault charges against founder Frank Stronach.

Magna spokeswoman Tracy Fuerst says the review process is complicated because of the passage of time.

Fuerst says that if relevant information is found, the company, which is not facing any criminal or civil allegations, will follow a strict protocol to respect the legal rights of all and co-operate with authorities.

To date, the auto parts company’s internal document review has discovered one settlement involving a historical harassment allegation against Stronach and Magna Entertainment Corp. that had already been reported.

Stronach gave up control of Magna in 2010 and stepped down as chairman in 2012.

He faces charges including rape, attempted rape, indecent assault, forcible confinement and sexual assault in connection with alleged incidents that date as far back as 1977. Stronach has said he is not guilty and that he will fight the charges.

This report by The Canadian Press was first published Oct. 3, 2024.

Companies in this story: (TSX:MG)

The Canadian Press. All rights reserved.

CALGARY – Enbridge Inc. says it will spend about US$700 million to build new crude oil and natural gas pipelines in the U.S. Gulf of Mexico for the Kaskida development, operated by BP Exploration & Production Co.

The crude oil pipeline, named the Canyon Oil Pipeline System, will have a capacity of 200,000 barrels per day and originate in the Keathley Canyon area of the gulf.

It will deliver crude to the existing Green Canyon 19 platform, operated by Shell Pipeline Co. LP for ultimate delivery to the Louisiana market.

The natural gas pipeline, named the Canyon Gathering System, will have a capacity of 125 million cubic feet per day.

It will connect to Enbridge’s existing Magnolia Gas Gathering Pipeline.

The company says detailed design and procurement activities are expected to start early next year with the pipelines expected to be operational by 2029.

This report by The Canadian Press was first published Oct. 3, 2024.

Companies in this story: (TSX:ENB)

The Canadian Press. All rights reserved.

CALGARY – TC Energy Corp. has completed its spinoff of South Bow Corp., its crude oil pipelines business, as an independent company.

The new company, which will be headquartered in Calgary with an office in Houston, will be led by Bevin Wirzba, formerly the executive vice-president for TC Energy’s natural gas and liquids pipelines business.

South Bow will run TC Energy’s crude oil pipelines business, including the critical Keystone pipeline system.

The move is the result of a strategic review in which the Calgary-based TC considered its options including the potential sale of the oil pipelines business.

Spinning off the oil pipelines business, which has long-term committed contracts with oil shippers, will give South Bow the chance to use its robust cash flows to pay down debt and enhance shareholder returns, while TC Energy will become a growth-oriented company focused on natural gas.

TC Energy — which has natural gas transportation infrastructure in Canada, the U.S., and Mexico — is bullish on the future of the commodity, in particular the potential for growth spurred by demand for liquefied natural gas (LNG).

TC Energy also has plans to look at new, low-carbon energy opportunities such as nuclear and pumped hydro energy storage.

The company has been under scrutiny by analysts and credit ratings for its significant debt load as well as for cost overruns on the Coastal GasLink pipeline project, which was completed in the fall of 2023.

TC Energy shareholders voted in favour of the spinoff of the crude pipelines business in a vote in June.

South Bow common shares were distributed Tuesday to TC Energy shareholders of record on Sept. 25. Shareholders received one South Bow common share for every five TC Energy common shares owned.

South Bow’s common shares are expected to start trading on the Toronto Stock Exchange on Wednesday under the ticker symbol SOBO. Trading on the New York Stock Exchange is expected to start on or about Oct. 8.

This report by The Canadian Press was first published Oct. 1, 2024.

Companies in this story: (TSX:TRP, TSX:SOBO)

The Canadian Press. All rights reserved.