BUZZ-Intact Financial falls as Canadian pension fund CDPQ set to slice stake

Shares of Canadian insurer Intact Financial IFC.TO fall as much as 3.7%; last down 3.1% at C$280.47

Canadian pension fund CDPQ late Tuesday announced its intention to sell 2.5 million shares of IFC

CDPQ on Wednesday upsized the share sale to ~3.6 million shares, representing about 2% of IFC's outstanding shares

Shares are being sold at C$278.60 apiece, a 3.7% discount to IFC's last close

CDPQ expected to fetch about C$996.6 million ($700.6 million) in gross proceeds from the offering

CIBC Capital Markets and National Bank Financial are the underwriters for the offering

CDPQ will continue to remain IFC's largest shareholder after the offering

IFC stock jumped 28.4% in 2024

($1 = 1.4225 Canadian dollars)