July 21, 2024
Fight for 407 Highway intensifies as SNC-Lavalin terminates deal with OMERS
SNC-Lavalin says Cintra 'unequivocally waived its right of first refusal' with respect to all future sales of shares in Highway 407 ETR
SNC-Lavalin says Cintra ‘unequivocally waived its right of first refusal’ with respect to all future sales of shares in Highway 407 ETR

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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(2) Doug Ford cuts 70 percent of money for centre helping First Nations protect wildlife and resources

(3) Opening bidding process is City Hall’s ticket to big savings

(4) Ford government making it easier to build housing

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