AUSTRALIA/CANADA - The Canada Pension Plan Investment Board (CPPIB) has bid A$3.5bn (US$3.1bn) for Macquarie-backed Australian toll road operator Intoll Group.
Intoll said it received an offer of A$1.535 per share from CPPIB and has three weeks to evaluate the offer.
Intoll chairman Paul McClintock said: "The directors of Intoll have not formed a view as to the adequacy of the proposal and accordingly recommended that Intoll security holders take no action at this time."
Last year, CPPIB partnered with the Ontario Teachers Pension Plan to take over Transurban in a A$6.8bn deal, but the offer was rejected in November. (Global Pensions; November 9, 2009).
The Brunel Pension Partnership has become the fourth local authority pool to receive the green light from the regulator.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.