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CanWest Global nears 52-week low

On a bad day for stocks worldwide, with the Dow revisiting its November low, CanWest Global was struggling along with everyone else.

At 2:00 pm Eastern Time, CanWest shares were at 35 cents, just one cent above its 52-week low, which it touched Thursday before rebounding to close at 42.5 cents. Its 52-week high was $6.11.

Globe business blogger David Berman reported this morning that neither investors nor analysts were happy about the stock.

CanWest’s own website reported on February 18 that its Australian subsidiary Ten Holdings had withdrawn, after just two days, its proposed offering of 120 million shares: “While there was investor interest in Ten Holdings’ proposal, the difficult financial market conditions in Australia led to terms that Ten Holdings did not find acceptable.”

Meanwhile, the New York Times reported a sharp drop on Wall Street sparked by fears that the Obama administration could nationalize the largest US banks.

Crawford Kilian is a contributing editor of The Tyee.

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