WSP Global falls as top shareholder CDPQ looks to trim stake

Canadian professional services firm WSP Global's WSP.TO shares fall 4.3% to C$242.41

Canada's second-largest pension fund Caisse de dépôt et placement du Québec late Thursday announced intention to sell 2.06 million shares of WSP, or about 1.6% of outstanding shares

Shares will be sold at C$242.70 apiece in a block trade, a 4.2% discount to stock's last close

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

Transaction expected to fetch C$500 million ($360.54 million) in proceeds for CDPQ

CDPQ will remain WSP's top shareholder with about 14.2% stake

14 of 15 brokerages rate the stock "buy" or higher and 1 "hold"; median PT C$293, per data compiled by LSEG

As of last close, WSP shares flat YTD

($1 = 1.3868 Canadian dollars)