SNC-Lavalin Group Inc.’s planned sale of a minority stake in Ontario’s Highway 407 has hit a snag as the toll road’s current shareholders fight for the right to buy the engineering firm’s 10-per-cent share.
The delay is an unexpected stumble for SNC-Lavalin Chief Executive Neil Bruce, who is trying to halt a falling share price for the company as it struggles with criminal charges on bribery and fraud and increasingly uncertain prospects for key pieces of its business. The company had previously said it expected the 407 sale to be finalized in early June.
Highway 407’s two other shareholders, Canada Pension Plan Investment Board and Spain’s Ferrovial SA, have rights to match the OMERS offer and they are now locked in a battle for the 10-per-cent SNC stake, SNC-Lavalin said in its statement Friday. The fight hinges on whether OMERS is considered a true competitor to Ferrovial.
Ferrovial, a major infrastructure player and part owner of London’s Heathrow airport, claims that OMERS, Canada’s biggest pension fund manager with assets under management of $368.5-billion at the end of 2018, is a competitor, SNC said. Therefore, Ferrovial believes the 2002 waiver agreement doesn’t apply and so it has the right to buy SNC’s 407 shares that are for sale, SNC said. Ferrovial intends to seek a ruling in the Ontario Superior Court, SNC said.
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