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Ontario Teachers’ Sells Stake in Transurban, Dow Jones Says

May 17 (Bloomberg) -- Ontario Teachers’ Pension Plan sold its stake in Transurban Group after the Australian toll-road operator rejected a takeover offer from a group that included the Canadian pension fund, Dow Jones reported.

Transurban said last week that the bid worth more than A$7 billion ($6.15 billion) by Teachers’, Canada Pension Plan Investment Board and Australian investment fund CP2 was “inadequate”, Dow Jones reported. After the rejection, the group said it would “seriously consider” selling their Transurban stock, Dow Jones said, citing an unidentified person familiar with the deal.

Teachers’ had owned 12 percent of Transurban, Dow Jones said, citing notices filed with the Australian Stock Exchange.

A message left with Teachers’ spokeswoman Deborah Allan in Toronto wasn’t immediately returned. Canada Pension spokeswoman Linda Sims declined to comment.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net; or Alec McCabe at amccabe@bloomberg.net

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