Ontario Teachers' Pension Plan, Toronto, plans to object in Quebec Superior Court to some terms of Molson Inc.'s proposed merger with Adolph Coors Co., said Lee Fullerton, plan spokeswoman. She said the C$79 billion (US$61.29 billion) pension fund will argue that if Molson's option holders are allowed to vote on the deal, their vote should not be included with Class A shareholders "because their interests are not aligned." The option holders in this case are Molson management, and their interests are more aligned with the Class B shares, which they already hold, Ms. Fullerton said.
Pension fund officials want Molson to publicly state when the interim hearing — when the court will consider approval of terms of the deal and other interested parties will have a chance to object — will be held; Ms. Fullerton expects it to be "soon."
The pension fund held 1.7 million Molson shares, valued at C$57 million, as of Dec. 31. Neither Claude Lamoureaux, president and CEO of the pension fund, nor Sylvia Morin, Molson spokeswoman, returned a call seeking comment by press time.