Transat shares plunge 22% after Air Canada takeover falls apart theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
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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.
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Paul Chiasson/The Canadian Press
Airline and tour operator Transat AT Inc. said it will not resume flights until mid-June and is seeking to borrow money to stay afloat in case a takeover by Air Canada falls apart.
Montreal-based Transat suspended normal service at the end of January after agreeing to a demand by the federal government that all carriers halt flights to and from Mexico and the Caribbean to combat the COVID-19 pandemic.
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In 2001 a plane carrying 293 passengers and 13 crew lost power in both its engines over the middle of the Atlantic Ocean.
Unbeknown to the pilots of Air Transat Flight 236, the aircraft bound for Lisbon had been leaking fuel ever since it left Toronto six hours earlier. Having lost the first of two engines, Captain Robert Piche declared a fuel emergency and announced to Air Traffic Control his intention to divert to the Azores. Ten minutes later the second engine sputtered to a stop.
Piche and his first officer, Dirk DeJager, with more than 20,000 hours of flight experience between them, proceeded to glide the Airbus A330, without any power, for 19 minutes â covering some 75 miles â until landing hard at Lajes Air Base.