Air Canada’s purchase of Transat: Letko Brosseau is trying to get more
La Presse reports in this morning’s edition that the largest shareholder of Air Transat with 17% of the shares, the company Letko-Brosseau, considers that the offered price of $ 13 is not high enough and that the company will say no to the transaction. Letko-Brosseau is also the largest shareholder of Air Canada with close to 10% of the shares.
La Caisse de Dépôt holds 12% of the shares of Air Transat and le Fonds de Solidarité FTQ 6%, with Letko-Brosseau accounting for about 35% to 37% of the voting shares. But for now la Caisse and le Fonds have not pronounced on the offer and there is no indication that there will be an alliance between the three.
With only 17% of the shares, Letko-Brosseau cannot block the transaction alone its release in the media is intended to encourage small shareholders to rank behind it. Letko-Brosseau’s goal is no doubt to obtain more for its shares of Air-Transat
The link to the article: Air Canada’s purchase of Transat: the largest shareholder says no.
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