Caisse takes control of Québec cement project hit by cost overruns: Reuters
The Caisse de dépôt et placement du Québec said it would take control of a major cement project in Québec hit by massive cost overruns, and agreed to a new $250 million round of financing to complete it, Reuters reported. The Caisse, already an investor in the project, said it would invest an additional $125 million with funds managed by BlackRock Alternative Investors, which is also investing $125 million. The McInnis Cement project faced between $400 and $450 million in cost overruns and that it had insisted on a "change of control and a change in management" for the $1.1 billion cement project in Québec's Gaspé peninsula.
12 August 2016•2 mins read
