The Ontario Teachers’ Pension Plan has completed the purchase of 69.4% of shares in Chilean water services operator Esval and its subsidiary Aguas del Valle for $570 million. Complementing Teachers’ interest, CORFO, a Chilean government agency, continues to hold approximately 30% of the company; other investors own less than 1%. Esval continues as a public […]
Three industry players have answered the Toronto Stock Exchange’s (TSX) request for comments on Section 611(d) of its manual. The section relates to security holder approval requirements for acquisitions of public companies. The Pension Investment Association of Canada (PIAC), The Canadian Pension Plan Investment Board (CPPIB) and the Canada Coalition of Good Governance (CCGG) have […]
Auckland International Airport Limited, which is facing a partial takeover bid from the CPPIB, has signed a confidentiality deed with an international party that has expressed interest in the company. The unnamed party had initially expressed an interest when the board asked its financial advisors to seek any other takeover offers in November. Following the […]
The board of Auckland International Airport Limited (AIAL) is recommending its shareholders reject a partial takeover offer from the Canada Pension Plan Investment Board (CPPIB). “We do not believe the offer fully reflects the value of Auckland Airport,” says the company’s chairman, Tony Frankham. “Nor do we not believe the introduction of CPPIB as a […]
The Ontario Teachers’ Pension Plan Board(OTPP)has announced that a US$138 million cash settlement agreement has been reached in the securities fraud class action against Biovail and certain of its officers. The plan, with co-lead plaintiff Local 282 Welfare Trust Fund, led the prosecution of this litigation on behalf of a class of investors who purchased […]
The Ontario Teachers’ Pension Plan plans to acquire a $40 million interest in Altus Group Income Fund. “We believe this proposed investment by Teachers’ reflects a confidence in Altus’s well earned industry reputation for best-in-class service,” says Gary Yeoman, chief executive officer of Altus. “With Teachers’ strategic participation, Altus would enjoy a strengthened capacity to […]
The Caisse de dépôt et placement du Québec considers the proposed merger between the Toronto Stock Exchange and the Montreal Exchange “interesting” and supports a proposal for a public hearing on the deal. “As a shareholder, we want to know whether the proposed merger is ultimately viable, given the emergence of many competitive platforms in […]
If governments ever decide to implement legislation to restrict investments (for example, protectionist policies) of sovereign wealth funds (SWFs)—funds used for investment purposes to benefit a country’s economy and citizens—could the Canada Pension Plan (CPP) be restricted as well? Gail Cook-Bennett, chair of the Canada Pension Plan Investment Board (CPPIB), said the board is concerned […]
Toronto-based investment firm K.J. Harrison & Partners(KJH)has filed a shareholder resolution with Marsh & McLellan, proposing that it spin off its Mercer and Kroll subsidiaries. It believes the breakup of Marsh is necessary to protect the value of the underlying franchises and to maximize shareholder value. “Marsh & McLennan trades at the same price as […]
Federal Finance Minister Jim Flaherty believes pension plans and the private sector must play a bigger role in making investments in Canada’s infrastructure. “It’s time to tap into the wealth of experience, knowledge, capital that is accumulated in the private sector and not only strictly in the private sector but also of course in our […]