Quebecor continues to buy back more of Caisse de depot’s share of Quebecor Media

MONTREAL - Quebecor has spent $38 million to further reduce the share of Quebecor Media (QMI) held by provincial pension fund manager Caisse de dépôt et placement du Québec (Caisse).The company said Thursday that it purchased and cancelled 541,899 common shares from the Caisse. Following this transaction, the Caisse holds 17,628,911 common shares of Quebecor Media, or an 18.47% interest.As per a September 2015 agreement between the two entities, the deadline to repurchase Caisse’s remaining stake is January 1, 2019. After that date, Caisse can exercise its exit rights, which includes forcing an IPO of QMI or selling its remaining...