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Transat s largest shareholder rebuffs Pierre Karl Peladeau s offer
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After failed takeover, Air Transat seeks help as debt crunch looms
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After failed takeover, Air Transat seeks help as debt crunch looms
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(Reuters) -Air Canada scrapped its proposed acquisition of Transat AT Inc on Friday after being advised by the European Commission that it would still face high regulatory hurdles, clearing the way for other domestic suitors for the tour operator.
FILE PHOTO: Air Canada airplanes are pictured at Vancouver s international airport in Richmond, British Columbia, Canada, February 5, 2019. REUTERS/Ben Nelms/File Photo
Canada’s largest airline said that after recent discussions with the European Commission (EC), it had become evident the EC will not approve the acquisition based on the offered remedy package the carrier made earlier this year.
OTTAWA/MONTREAL Struggling tour operator Air Transat is in talks with the federal government on aid but may not reach a deal by an April debt deadline, a source close to the situation said, putting pressure on Quebec to ride to the rescue of another troubled aerospace brand in the province. Air Canada dropped its merger plans with Transat on Friday, saying European regulators had signaled it was unlikely to pass antitrust concerns. Canada’s largest carrier first bid for Transat in 2019 and discounted its offer last year as the pandemic decimated the travel and tourism sector. Airlines have been in talks with Ottawa since last year about a possible aid package. Transat’s aborted deal adds fresh urgency to the talks, given the jobs at risk if the carrier fails and the political importance of Quebec ahead of an expected federal election this year.