The Fonds de solidarité FTQ has continued its efforts to protect the seats quebec social buying, in the last few months, shares of SNC-Lavalin and Waterfalls. The institution, however, has sold substantial shares in Bombardier.
The Fund has invested nearly $ 25 million in SNC-Lavalin at the start of 2020, will reveal its latest financial documents. The institution already owned for $ 45.4 million of shares of the company.
In December 2019, the giant montreal engineering had pleaded guilty to a charge of fraud in connection with projects in Libya and had agreed to pay a fine of $ 280 million. The settlement put an end to a series of legal-policy that has shaken the Trudeau government.
The Fonds FTQ has also purchased almost $ 28 million of shares of Cascades between the beginning of December and the end of may.
According to the information of the Newspaper, these investments are in the will of the Fonds de solidarité FTQ to play a role in the protection of the “jewels” of quebec. In April 2016, the Fund had announced its intention to invest $ 500 million in large listed companies by 2020.
“We do not claim that the Funds could in itself prevent a tender offer or block a transaction. […] But the Fund wants to send a signal. A signal to raise the capital from here and strengthen the detention of québec companies by interest quebec “, stated the CEO, Gaétan Morin.
The Fund currently holds for $ 307 million of shares of 14 québec companies that it considers strategic : Stella-Jones, Uni-Select, New Look, Richelieu Hardware, Waterfalls, Fiera Capital, SNC-Lavalin, GDI, MTY, Opsens, Savaria, Mediagrif, Tecsys and TFI.
Three of them – SNC-Lavalin group, Stella-Jones, and Uni-Select are part of a group of 16 companies that the Institute on governance had been found to be vulnerable to a takeover foreign in 2016.
It should be noted that these 16 companies, two have since moved to outside of Quebec, Aimia and Amaya/Stars), while another has been sold to american interests (Tembec).
The Fund is also to sell two blocks of shares of Bomber – the first one had cost him nearly$ 50 Million in 2011, and the other, more than$ 37 Million in 2014-2015. These investments were however not part of the initiative to the headquarters, since Bombardier is protected by shares with multiple voting rights.
The Fund retains a participation of $ 912 000 in Bombardier in investment activities not specifically quebec.
SOME OF THE INVESTMENTS OF THE FUND QFL IN THE JEWELS QUEBEC “STRATEGIC”
- Stella-Jones: $94 Million
- Uni-Select: $56 Million
- Vision New Look: $32 Million
- Richelieu Hardware: $29 Million
- Waterfalls: $28 Million
- Fiera Capital: $27 Million
- SNC-Lavalin: $25 Million