Other voices encourage Transat to find a Plan B

If the arrangement between Transat AT and Air Canada still applies, the parties could nonetheless terminate it. (Photo: 123RF)

After Caisse de dépôt et placement du Québec (CDPQ), other voices were raised to encourage Transat AT to evaluate its options should the sale to Air Canada fail.

Fonds de Solidarité FTQ, the second largest shareholder of the Quebec tour operator, and the Minister of Economy, Pierre Fitzgibbon, indicated Friday that they shared the recommendations made the day before by the president and CEO of Quebec Wool Bottom Company. Charles Emond.

If the arrangement between Transat AT and Air Canada remains in effect, the parties can nonetheless put an end to it at any time since the deadline of 15 February with the goal of concluding the deal – which received a conditional green light from Ottawa, but is still awaiting approval from the European Commission. – It has not been extended.

“Plan B is more important than ever,” said Fonds de Solidarité FTQ spokesperson, Patrick McKellken, during a phone interview.

The organization owns approximately 11.55% of the outstanding shares in the parent company of Air Transat, ahead of CDPQ, which has a stake of about 5.8%.

For his part, on the sidelines of an economic announcement in Montreal, Mr Fitzgibbon said he agrees with the senior boss at Caisse. He added that the Legault government would be “up to date”, in “an appropriate financial structure” if “plan B” is put forward.

However, the FTQ Solidarity Fund and the Economy Minister did not specifically indicate whether Transat AT’s board of directors should seriously consider the $ 5 a share proposal from entrepreneur Pierre Carl Bellado.

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The European Commission, which is awaiting information from Transat AT and Air Canada, suspended its assessment on December 22. Transat AT expects a decision by the end of June.

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