CPPIB to take control of Highway 407 after SNC sale [Business News Network (BNN) Energy & Resources (Canada)]
FERROVIAL S A UNSP/ADR (FRRVY)
NASDAQ:AMEX Investor Relations:
ferrovial.com/en/ir-shareholders
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Source: Business News Network
CPPIB to take control of Highway 407 after SNC sale Canada Pension Plan Investment Board is set to become the controlling shareholder in the 407 International Inc. highway after an Ontario court ruled in its favor, allowing it to buy a stake from embattled engineering firm SNC-Lavalin Group Inc. ( SNC.TO ) SNC-Lavalin agreed to sell a 10.01 per cent stake in the Toronto toll road for as much as $3.25 billion in cash to the Canadian pension fund, the Montreal-based engineering company said in a statement Wednesday. The court ruling marks the end of a conflict among the shareholders of the 108-kilometer (67-mile) highway. SNC announced in April it had agreed to sell the stake to OMERS, another Canadian pension fund. Spanish builder Ferrovial SA and CPPIB stepped in to exercise their rights to match the OMERS offer. The court ruled that Ferrovial had waived its right of first refusal through a prior agreement, paving the way for CPPIB to increase its stake to 50.1 per cent, from 40 per c
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