TORONTO (Bloomberg) — Canadian stocks rose to a record, posting a second-straight weekly gain, as commodity producers including Ipsco Inc. climbed on expectations that takeovers and higher commodity prices will boost investor returns.Agricore United surged on a sweetened takeover bid from rival Saskatchewan Wheat Pool Inc. Soft-drink maker Cott Corp. jumped after it said that it’s been approached by potential buyers. Copper prices extended a rally on prospects of supply disruptions and increased demand, after China said imports rose by more than half in the first quarter. Gold prices climbed to the highest in almost a year.

The Standard & Poor’s/TSX Composite Index climbed 78.97, or 0.6 percent above yesterday’s record, to 13,578.62 in Toronto, for a 1.1 percent weekly gain. A measure of materials shares rose 1.9 percent today, while a gauge of energy stocks added 1.1 percent. Commodity producers make up more than two-fifths of the benchmark.

“Buyouts will continue,” said Peter Hodson, who helps manage $3.6 billion as senior portfolio manager at Sprott Asset Management Inc. in Toronto. “The Chinese copper import numbers are just mind- boggling.”

Agricore surged C$3.12, or 19 percent, to C$19.53. Canada’s largest grain handler said Saskatchewan Wheat Pool’s offer, worth about C$1.1 billion ($1 billion), topped a rival offer by James Richardson International Inc. Agricore is not in the S&P/TSX.

Wheat Pool offered C$20 ($17.57) in cash or 2.2076 for each Agricore share. Closely held James Richardson has until April 20 to match or top the bid, Radean Carter, spokeswoman for Winnipeg, Manitoba-based Agricore, said in a phone interview. Saskatchewan Wheat shares fell 52 cents, or 5.7 percent, to C$8.54.

Shares of Cott jumped C$3.72, or 25 percent, to C$18.44. North America’s biggest maker of store-brand soft drinks said it’s considering possible consolidation in the industry after it was approached by potential buyers.