TFI Reverses Course on U.S. Relocation

TFI International announced it will retain its Canadian corporate status, reversing a decision made just five days earlier to relocate to the U.S. The Montreal-based company, which operates transportation and logistics across North America, said the change was prompted by shareholder feedback.

One of the most concerned investors was the Caisse de Dépôt et Placement du Québec, which manages $317 billion. A Caisse spokeswoman expressed dissatisfaction with the decision, noting that the company hadn’t informed them of the move. The Caisse owns just over 4% of TFI’s shares.

Last week, TFI had stated its intention to redomicile to the U.S., citing better alignment with its shareholder base and commercial presence, as 70% of its business is conducted in the U.S. However, TFI decided to stay Canadian after feedback from investors, including concerns around preserving Quebec’s interests.

CEO Alain Bédard had previously argued that moving to the U.S. would make it easier to work with the U.S. government, especially with its contracts with the Defense Department.