5 things you need to know this morning: July 12, 2023
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Canadian inflation jumps to 3.7%, creating trouble for Trudeau
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S&P retains AAA rating on Canada despite historic deficits
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Transat shares sink after deal with Air Canada breaks down
Ross Marowits, The Canadian Press
Air Canada drops takeover offer of Air Transat VIDEO SIGN OUT
TORONTO Transat AT shares plunged as much as 22.6 per cent in the first day of trading after Air Canada pulled the plug on its takeover of the Montreal-based tour operator over Europe s unwillingness to approve the deal.
Transat shares decreased to a low of $4.25 and were down 96 cents or 17.5 per cent at $4.53 in Monday morning trading.
Air Canada shares gained 71.5 cents or 2.7 per cent at $27.16 on the Toronto Stock Exchange.
Canada s largest airline announced on Good Friday that its $190-million purchase of Transat was dead.