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On March 15, shares of
Air Canada(TSX:AC) closed at $29.80. Yet on April 15, the stock closed at $25.43. This represents a drop of 14.66% in just one month.
Here are two of the latest developments that have affected Air Canada’s stock price.
Transat deal scrapped
In early April, Air Canada withdrew its bid to takeover beleaguered
Transat due to antitrust hurdles in Europe. The deal was worth $150.83 million. Shares of Transat plunged over 20% when the news broke, marking their biggest intra-day percentage loss in over a year.
With Transat’s total debt at over $900 million, the takeover would have been a welcome relief for shareholders in the company.