
Embattled SNC-Lavalin Group Inc. says it has terminated an agreement with The Ontario Municipal Employees Retirement System to sell 10.01 percent of the shares it holds in Highway 407 ETR Highway subject to later payment of a break fee.
Termination follows decision of one of Canada Pension Plan Investment Board shareholders exercise of rights of first refusal to purchase all of the shares on the same terms and conditions as those set out in the deal with OMERS.
Current shareholders of 407 International Inc. consist of a subsidiary of Cintra Global S.E., itself a subsidiary of Ferrovial S.A. which owns 43.23 percent of the shares, and indirectly owned subsidiaries of Canada Pension Plan Investment Board owning 40 percent, with SNC-Lavalin owning the remaining 16.77 percent of the shares.
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