TORONTO (Bloomberg) — Canadian stocks rose, notching a third-straight weekly gain, on the prospect of more takeovers, after Sherritt International Corp. said it will buy rival miner Dynatec Corp. to take advantage of record nickel prices.BCE Inc., Canada’s biggest phone carrier, rose on a report that it may get a buy-out bid from a third group of investors. TransAlta Inc. had its top gain in almost five years, leading utility shares higher. Energy stocks rose along with oil prices.

“Canada’s in a sweet spot right now,” said Brian Acker, president of Acker Finley Inc., which manages $532 million in assets in Toronto. “Where do you go for commodities? BCE is part of the global consolidation of telephone companies.”

The Standard & Poor’s/TSX Composite Index added 90.01, or 0.7 percent, to 13,664.71 in Toronto, 0.3 percent below its April 18 record. The benchmark rose 0.6 percent this week.

Dynatec shares gained 63 cents, or 17 percent, to C$4.41. Sherritt, which produces oil and metals, agreed to buy Dynatec for about for about C$1.6 billion ($1.4 billion) in stock to expand nickel output amid surging prices.

Dynatec investors will get 0.19 Sherritt share and about 0.0635 of a FNX Mining Co. share, the companies said in a statement. The offer values Dynatec at C$4.88 ($4.33) a share, a 29 percent premium to the closing price yesterday.

Sherritt is using FNX shares it holds to help pay for the acquisition. Dynatec, based in Richmond Hill, Ontario, already owns 25 percent of FNX.