TFI International, Canada’s largest trucking company, announced in a one-line press release today it will no longer redomicile to the U.S.
“TFI International Inc., a North American leader in the transportation and logistics industry, today announced that based on feedback from shareholders received to date, TFI International will remain a Canadian corporation and will not pursue its previously-announced intention to re-domicile from Canada to the United States,” read the release in its entirety.
Company chairman and CEO Alain Bedard announced plans to redomicile in the U.S. within the company’s Q4 earnings press release. On a conference call with analysts the next day, he gave more reasons behind the decision.
Immediately after the initial announcement, Quebec pension fund, the Caisse de Depot et Placement du Quebec told Bloomberg on Feb. 19, “The company has not informed us of its intentions, and we will express our dissatisfaction. Quebec’s interests are always at the heart of our priorities as a shareholder.”
The pension fund took a 4% ownership position in TFI International last year, Bloomberg reported.
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