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Christopher Katsarov/The Globe and Mail
Quebec media baron Pierre-Karl Péladeau is urging the federal cabinet to deny Air Canada’s proposed takeover of Air Transat, offering to pay more in cash for the struggling airline to guarantee competition and fairer prices for Canadian travellers.
The Globe and Mail has obtained three letters from Mr. Péladeau to Transport Minister Marc Garneau calling for a rejection of the merger, saying he will pay $6 a share or 20 per cent more than Air Canada’s cash offer to purchase Transat AT Inc., a Montreal-based airline and tour company. Transat shareholders on Dec. 15 agreed to Air Canada’s bid of $5 a share or 0.2862 of an Air Canada share for each Transat share.