LONDON/PARIS (Reuters) - Canadian pension fund PSP Investment is making a surprise comeback in the race to buy broadcasting masts group TDF’s French unit, opening a new episode in the protracted saga, said three sources familiar with the matter.
PSP Investment is taking advantage of rival bidder Dering Capital’s difficulties in financing its bid, which sources previously said came at about 3.7 billion euros ($5.07 billion), by a deadline set by TDF’s owners.
Dering has, however, not thrown in the towel and is still trying to raise more equity for its TDF bid, said one of the sources who asked not to be named because the talks are private.
Dering is now facing competition from one of Canada’s largest pension funds and its partner Arcus, an experienced infrastructure fund.
“The exclusivity period (between Dering and TDF) has now expired and there is no formal process going on.”, said the same source.
Reporting by Sophie Sassard in London and Gwenaelle Barzic in Paris; Additional reporting by Freya Berry in London and Matthieu Protard; editing by Keiron Henderson