Sale to Air Canada | Transat should evaluate its options, said Kaisse de Depot

Julian Arsenalt
The Canadian Press

If arrangements between the two parties are still in place, they could end the transaction anytime by the February 15 deadline – it has received a conditional green light from Ottawa, but is still awaiting European Commission approval – not extended.

“Transat’s board of directors, in our opinion (must) give itself the option and should submit to Plan B, rather than being subject to the sentiments of Air Canada,” the president and chief of management explained on Thursday. The Kaisse, Charles Ommond. My advice on this side is that the board should consider what other options are on the table if Air Canada’s offer is to be withdrawn. ”

In an email sent Thursday afternoon, the Quebec company indicated that it would not comment on Kaisse’s Bigg Boss’ observations.

Speaking at the unveiling of the annual results of the Quebeckers’ wool socks, Mr. Amond stressed that this is an administrative method to be implemented when there is uncertainty. Transat AT’s air operations were halted due to the temporary suspension of flights to solar destinations. In December, the company reported that it needed half a billion dollars a year.

According to financial data firm Refinitive, CDPQ is the tour operator’s third largest shareholder with 5.83% stake.

When asked to clarify whether Transat AT had recommended to the board of directors to seriously consider the proposal of businessman Pierre Carl Peladio, Mr. Amond declined to go there with a clear recommendation.

“I think what you are describing here is part of the options menu in the table,” he said. I am not specifying one option more than another, but (transat) it should be one of the options that the board should evaluate. ”

In December, Mr Ommond recalled that Kais had voted in favor of Air Canada’s revised offer, which increased in value from about 720 million to 190 million, as it was the only offer on the table. Last month, Transat AT, in December, revealed that it had received an offer of $ 5 per share from MTRHP, Mr Peladio’s management company, who is also president and chief executive officer of Quebecore. Of the compound.

As it is not considered superior to Air Canada’s offer, its content has not been submitted to shareholders.

Mr Peladu, who took part in a conference call with analysts on Thursday to take stock of Quebec’s fourth-quarter results, assured them that his company was not trying to acquire Transat Eti.

The European Commission suspended its assessment on December 22, pending information from Transat AT and Air Canada. Transat AT ates backed a decision by the end of June.