(Montreal) The Caisse de dépôt et placement has decided not to proceed with its potential investment in Gildan, “by mutual agreement,” indicated Wednesday the president and CEO of the CDPQ, Charles Emond.
During a meeting with the press which followed his speech before the Chamber of Commerce of Metropolitan Montreal, Mr. Emond was clear: “we decided, by mutual agreement, both of us, that the transaction that we had put forward, neither of us are going to proceed.”
“For the moment, by mutual agreement, we have decided to go our separate ways. »
Sportswear manufacturer Gildan announced on May 8 that the Caisse was ready to support the growth of this large Quebec company present in several countries. The parties then discussed an investment of 200 million.
In return, the company agreed to maintain its global headquarters in Quebec for seven years and agreed to pay the global minimum tax required by law.
PHOTO MARTIN TREMBLAY, LA PRESSE ARCHIVES
The President and CEO of the CDPQ, Charles Emond
Questioned on this subject, Mr. Emond affirmed that “in relation to the specific file that we had there, there was an expiration date, there was a process”.
With the return of Glenn Chamandy at the helm of Gildan, “they are starting again,” noted Mr. Emond. However, when it comes to committing to paying the required minimum global tax, “they’re not going to be exactly compliant with tax policy right away.” So, we will see in time where all this takes us,” added Mr. Emond.
The president and CEO of the Caisse was diplomatic in the face of Mr. Chamandy’s return to the helm of Gildan. “The shareholders have spoken. Mr. Chamandy had nevertheless built a good company which is a leader, a local company. »
“We will continue to look at the situation. Then we are very happy that the company is still here,” concluded Mr. Emond.