Caisse sells $700 million worth of Couche-Tard common shares
![Couche-Tard Couche-Tard says it is buying back nearly 8.7 million common shares held by CDPQ. Photo taken in Montreal on October 5, 2012. (Graham Hughes/The Canadian Press)](/content/dam/ctvnews/en/images/2024/7/23/couche-tard-1-6974576-1721761088286.jpg)
The Caisse de dépôt et placement du Québec (CDPQ) is reducing its stake in Alimentation Couche-Tard by about 20 per cent in a share buyback announced Tuesday.
Couche-Tard reported a "private agreement" under which the retailer is buying back nearly 8.7 million common shares held by CDPQ at a price of $80.50 per share.
This corresponds to a total consideration of approximately $700 million.
The purchase price represents a 3 per cent discount to the closing price of the shares on the Toronto Stock Exchange on Monday, and will be paid using Couche-Tard's cash on hand, the company said in a press release.
Following the share buyback, CDPQ will hold approximately 32.8 million shares, or about 3.5 per cent of Couche-Tard's total outstanding shares, it said.
Chief financial officer Filipe Da Silva said the company's healthy balance sheet and strong financial position meant it was "well positioned for opportunities such as this to deploy excess available cash."
The Caisse explained the transaction as a "periodic portfolio rebalancing."
"Following this transaction, the CDPQ will remain one of Alimentation Couche-Tard's main shareholders with a stake totalling $2.7 billion," said senior vice-president Kim Thomassin, adding that the CDPQ would continue to "support the expansion of this international leader."
"The proceeds from this monetization will be reinvested in other Quebec companies," she added.
- This report by The Canadian Press was first published in French on July 23, 2024.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.7029443.1725744633!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
Police release video of Toronto plaza shooting that killed university student
A university student from Brampton was killed when two shooters fired indiscriminately into a crowded plaza in Toronto last month in what police say was a 'cowardly act.'
'Hopeless and helpless': Regina mother seeks help to treat rare spinal disease
Mary Grace Rico is seeking help in getting treatment for a rare spinal condition.
The iPhone is getting a 'glow' up. What to expect from Apple's Monday event
Apple excited fans with its vision for its 'Apple Intelligence' artificial intelligence system earlier this year. Now, it's time for the company to prove it really works.
No more porta-potties at B.C. construction sites starting Oct. 1
What some B.C. construction workers describe as the worst aspect of their jobs will be coming to an end next month, the province announced.
Trump campaigns in Wisconsin just days ahead of debate with Harris
With just days to go before his first — and likely only — debate against U.S. Vice-President Kamala Harris, former U.S. president Donald Trump leaned into his familiar grievances about everything from his indictments to the border as he campaigned in one of the most deeply Republican swaths of battleground Wisconsin.
'Extremely vigorous' wildfire activity in central B.C. prompts crews to back off for safety
The wildfire fight in central B.C. intensified Friday, according to officials.
They were due to leave for their dream cruise in May. Three months on they’re still stuck at the departure port
It was the years-long cruise that was supposed to set sail, but saw its departure postponed… postponed… and postponed again.
Aryna Sabalenka beats Jessica Pegula to win the U.S. Open for her third Grand Slam title
Aryna Sabalenka got past Jessica Pegula 7-5, 7-5 in a rollicking U.S. Open women’s final Saturday to win her first championship at Flushing Meadows and third Grand Slam title of her career.