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$3.2-billion CPP bid includes Highway 407


July 23, 2010
By The Canadian Press

NEWS HIGHLIGHT

$ 3.2-billion CPP bid includes Highway 407
Highway 407 could soon have another Canadian owner after the Canada Pension Plan Investment Board announced it is making a $ 3.2-billion bid.

July 23, 2010 – Highway 407 could soon have another Canadian owner after the Canada Pension Plan Investment Board announced it is making a $3.2-billion bid for Intoll Group, an Australian company that owns a 30 per cent stake in the road.

The conditional offer marks the Toronto-based fund manager’s second attempt to purchase an Australian toll road operator, following a failed C$3.8 billion bid to take over Transurban Group in May.

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The bid could prove profitable for SNC-Lavalin, which has a stake in the project of slightly less than 17 per cent.

Spain's Ferrovial has a 53 per cent stake in the highway company, which operates one of Ontario's few privately owned highways and the only toll highway in Canada that operates entirely electronically and without any collection booths.