SNC-Lavalin Group Inc. on Friday announced a fresh spate of problems in its plan to sell a coveted 10-per cent stake in the 407 toll road, including a bill for tens of millions of dollars and litigation.
That two funds would step up to match the purchase offer underscores the contention by some investors and analysts that SNC-Lavalin did not obtain a high premium for the toll road, which has provided a reliable and growing stream of cash. The company, which is operating at the edge of its loan covenants, has said it will use proceeds from the sale to pay down debt and insisted that regardless of the litigation, the sale would close by late June.SNC said that all parties have agreed to an expedited process with a hearing scheduled for June 21, and a ruling expected shortly thereafter.
“Unless somehow they can turnaround the stock and convince or show some solid results, I think management’s ability to remain in place is very questionable,” said Michael Willemse, an analyst with Taylor Asset Management and investor, adding his firm owns less than two per cent of the company.
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Fight for 407 Highway intensifies as SNC-Lavalin terminates deal with OMERSSNC-Lavalin says Cintra “unequivocally waived its right of first refusal” with respect to all future sales of shares in Highway 407 ETR
Source: nationalpost - 🏆 10. / 80 Read more »
SNC cancels sale of 407 stake to OMERS as existing partners battle over stakeSNC-Lavalin Group Inc. has cancelled the sale of part of its stake in 407 International Inc. to the OMERS pension plan. Sell it to trump
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SNC cancels sale of 407 stake to OMERS as existing partners battle over stakeSNC-Lavalin Group Inc. has cancelled the sale of part of its stake in 407 International Inc. to the OMERS pension plan but will sell the stake to one or both of the other owners of the Ontario toll highway. sounds like Canada Pension will pay more than commercial rates for SNCs shares - SNCLavalin premium
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Ethics Commissioner’s report on PMO’s SNC-Lavalin actions coming in ‘next few months,’ says Mario DionJustin Trudeau’s former principal adviser, Gerald Butts, who resigned in February, has maintained that the PMO’s actions were appropriate and the discussions with the former minister were part of the normal debates that take place inside government globepolitics Nice to see someone does their job. Where’s the RCMP? Useless globepolitics I can see the outcome now-a fine that will not cover the cost of a cup of coffee for employees on the hill for a day.
Source: globeandmail - 🏆 5. / 92 Read more »
Posthaste May 17: SNC-Lavalin’s Highway 407 deal dies, Iamgold mulls sale … and the great long-weekend meat stakesStuff you need to know today Blah blah...blah blah... Mmmmmm meat steaks. Happy May two four Canada. We deserve it!!!!!
Source: nationalpost - 🏆 10. / 80 Read more »
Province’s Transport Minister says B.C. doesn’t need to use SNC, Bombardier for new SkyTrain linesThe statement noted that ‘automated train lines are popular around the world and that growth has brought more choice in the market.’ First priority for the soil that are Canada & Canadian Companies with the conditions.
Source: globeandmail - 🏆 5. / 92 Read more »
There’s no evidence Liberals interfered in Mark Norman prosecutionThe SNC-Lavalin affair has led many to suspect government meddling in the Norman case as well. The difference? This time, the evidence isn’t there globepolitics Henein stated the PMO/PCO counselled future witnesses on what to say and what not to say....also would love to read clerk_gc Wernicks 60 page fully redacted document liberal_party JustinTrudeau gmbutts corrupt to the core doing everything, including breaking laws. AgaKhan globepolitics But trust me they’ll get blamed for through LIES from the conservative trolls globepolitics Yet...
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SNC’s Highway 407 sale hits snag as partners fight over stakeThe dispute is heading to court next month; regardless of outcome shareholders have agreed SNC will be allowed to sell the 10-per-cent interest on the original terms
Source: globeandmail - 🏆 5. / 92 Read more »
Posthaste May 17: SNC-Lavalin’s Highway 407 deal dies, Iamgold mulls sale … and the great long-weekend meat stakesStuff you need to know today Blah blah...blah blah... Mmmmmm meat steaks. Happy May two four Canada. We deserve it!!!!!
Source: nationalpost - 🏆 10. / 80 Read more »
SNC cancels sale of 407 stake to OMERS as existing partners battle over stakeSNC-Lavalin Group Inc. has cancelled the sale of part of its stake in 407 International Inc. to the OMERS pension plan but will sell the stake to one or both of the other owners of the Ontario toll highway. sounds like Canada Pension will pay more than commercial rates for SNCs shares - SNCLavalin premium
Source: CTVNews - 🏆 1. / 99 Read more »
SNC cancels sale of 407 stake to OMERS as existing partners battle over stakeSNC-Lavalin Group Inc. has cancelled the sale of part of its stake in 407 International Inc. to the OMERS pension plan. Sell it to trump
Source: CP24 - 🏆 30. / 67 Read more »