Mr. Péladeau’s Offer Of $223-Million For Transat, 20% More Than Air Canada
$6 a share or 20 per cent more than Air Canada
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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 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 to purchase Transat AT Inc., a Montreal-based airline and tour company.
Mr. Péladeau's offer of $223-million for Transat does not involve Quebecor Media Inc., which controls his media empire and telecom holdings, but is through his private investment firm Gestion MTRHP Inc. He said he has the backing of an unnamed major financial institution.
The federal cabinet is expected to...
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