Canadian trucking and logistics company TFI International Inc. said it will move its headquarters to the U.S., earning criticism from one of its largest shareholders.
The Montreal-based company said in a statement Wednesday it has decided to change its legal domicile to the U.S. because about 70% of its operations are based there, and it has more shareholders in the U.S. than anywhere else.
The announcement annoyed the Caisse de Depot et Placement du Quebec, a public pension manager that has long fought to prevent companies from leaving the French-speaking province. CDPQ owned a stake of more than 4% in TFI as of the end of last year, according to data compiled by Bloomberg. A stake of that size is worth C$624 million (US$438 million) at Wednesday’s closing price.
“The company has not informed us of its intentions, and we will express our dissatisfaction,” CDPQ spokesperson Kate Monfette in an emailed statement. “Quebec’s interests are always at the heart of our priorities as a shareholder.”
The pension fund, Canada’s second-largest, has a dual mandate: to generate returns and to contribute to Quebec’s economic development.
TFI shares are traded in Toronto and New York but have underperformed lately, down by more than 7% since the beginning of the year. Still, the stock has soared by about 275% in Canadian dollar terms over the past five years as the company pursued a merger and acquisition spree.
It has acquired 137 companies in the US, Canada and Mexico since 2008, according to its website. Last year, it purchased Texas-based Daseke Inc. for an enterprise value of US$1.1 billion.
“We do not believe any tax savings brought about by the U.S. redomiciliation announcement will be enough to please investors,” Desjardins Securities analyst Benoit Poirier wrote in a note to clients.
TFI reported revenue of US$2.08 billion and adjusted earnings per share of US$1.19 for the fourth quarter, missing analyst estimates compiled by Bloomberg. The company cited weaker demand.
Mathieu Dion, Bloomberg News
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