CPP IB OTPP Transurban bid may fail on share sale
The Canada Pension Plan Investment Board (CPP IB) and Ontario Teachers' Pension Plan (OTPP)’s joint A$6.8 billion ($6.2 billion) bid for Australian toll roads operator Transurban Group may fail due to the target's decision to sell A$542 million ($490.5 million) of shares to fund its agreed purchase of Sydney's troubled Lane Cove Tunnel.
Transurban announced that it will use the share sale to pay for its A$630.5 million ($568.5 million) acquisition of the tunnel, but noted in the same announcement that CPP IB and OTPP, who hold 28% of...
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