May 23, 2022

The Queens County Citizen

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Air Transat Sale: Directors Alone

Air Transat Sale: Directors Alone

Vincent Chiara, the owner of Group Mac, who is already interested in buying Transat, has no plans to return to fare and points the finger at Quebec Airlines managers for this failure.

Also read: Pierre Carl Peladio: “Transat is an exceptional brand”

Also read: Air Canada Transat will not be purchased

In 2019, Group Mac submitted an offer of $ 14 per share, a $ 40 million higher offer than the first tender offer submitted by Air Canada. The Montreal real estate developer was then supported by a Spanish partner and the Quebec government.

In the following months, Air Canada increased its offer to $ 18 or 2020 720 per share. It was before the epidemic. Last fall, the offer for Transat dropped to $ 5 per share ($ 190 million in total).

Today, Mr Chiara said he was concerned about shareholders, employees and consumers. He did not hide the fact that Transat could soon face many hostile offers from abroad.

“We are in a vulnerable situation where we have to consider the options they have submitted. These options are very confusing,” he warned.

For his part, the Group Mac president did not intend to submit a new offer. “I went forward,” he said, adding that his partners involved in 2019 were not around the table today.

“If employees and customers are affected as a result, it becomes a sad story,” Chiara said. “In my opinion this is the responsibility of the directors who mismanaged the transaction,” he said.

The latter now hopes that Transat will remain a Quebec company. Entrepreneur Pierre Carl Peladio, who is already interested in the carrier, said it was an “interesting choice”.

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“For me, the Quebec flagship is important to be in the hands of the Quebecs. We know that it protects the interests of Quebec in this community. It remains a good choice, ”he believes.

“I think Air Canada’s choice will hurt long-term employees and customers. […] Administrations have ignored this, which has also harmed the interests of shareholders, ”he said.