TFI Reverses U.S. Relocation Plan After Shareholder Backlash

Canadian trucking company TFI International Inc. has scrapped plans to move its legal headquarters to the United States after facing opposition from shareholders, Stephanie Hughes reported for Bloomberg News.

TFI has acquired dozens of businesses over the years. I Photo: TForce Freight

The Montreal-based firm initially announced the relocation last week, citing the fact that 70% of its operations are now in the U.S. following a series of acquisitions.

TFI has acquired dozens of businesses over the years, including its $1.1 billion purchase of Texas-based Daseke Inc. in 2024. However, the move quickly drew criticism from the Caisse de Dépôt et Placement du Québec (CDPQ), one of TFI’s largest shareholders.

The public pension fund, which has a mandate to support Quebec’s economic development, claimed the company had blindsided investors.

CEO Alain Bédard defended the proposed shift, calling it an "evolution" driven by regulatory factors rather than operational changes. “It’s business as usual,” Bédard told analysts.

“We’re not moving people from Canada to the U.S. We’re not doing that. We’re not stupid.”

The controversy comes amid growing Canadian frustration with U.S. President Donald Trump’s trade policies, which aim to attract investment to the U.S. through tariffs on foreign-made products.