INCLUDING: Bell Canada takeover blocked; French transport workers strike; Florida pension funds suing AIG
The Los Angeles Times reported that the sale of BCE Inc., parent of telecommunications company Bell Canada, has hit a snag. The Quebec Court of Appeal reversed a lower court decision to allow the US$35.1bn takeover by the Ontario Teachers Pension Plan in what would be the largest leveraged buyout in Canadian history.
French transport workers strike
Travellers face long delays in France today when transport workers stage a one-day stoppage after striking fishermen blocked Channel ports and disrupted petrol supplies for a day, according to The Times in the UK. Railway, Paris Métro and air controllers' unions are the protest by civil service and private sector unions against a move by the government to raise the retirement age by a year.
Florida pension funds suing AIG
A Florida pension fund has accused insurance giant American International Group (AIG) and a number of its top executives of understating the company's exposure to the sub-prime mortgage crisis in order to inflate its stock price artificially, according to the New York Times. It said the Jacksonville Police and Fire Pension Fund filed a lawsuit in the federal district court in Lower Manhattan, the first class action suit against AIG since the company disclosed a first-quarter loss of $7.8bn.
NZ super payments to rise
Budget tax cuts in New Zealand will see superannuation payments rise, the New Zealand Herald reports. From 1 October, net superannuation will increase, with a married couple getting $45.88 a fortnight more, with $23.84 for a single person living alone, Senior Citizens Minister Ruth Dyson said. The increase is additional to annual adjustments.
Johnson Controls International has appointed XPS Pensions as investment and actuarial adviser for two of its schemes, following a competitive tender process.
Merseyside Pension Fund has allocated an initial £400m of assets to a smart sustainability fund managed by State Street Global Advisors (SSGA).
This week's top stories included exclusive coverage of The Pensions Regulator's plans to require schemes to use professional trustees.
Buck has launched a solution to help pension schemes equalise guaranteed minimum pensions (GMPs) in a cost effective way with minimum hassle.