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Air Canada challenges Onex takeover of WestJet as ‘not Canadian’
Financial Post / Bloomberg News - Sept 3, 2019
QUOTES:
"Air Canada is calling on the country’s transportation regulator to take a closer look at Onex Corp.’s takeover of WestJet Airlines Ltd., arguing that the $3.5 billion deal may run afoul of foreign-ownership rules.
“I am writing to express the concern that, due to the structure of the transaction and the capital and corporate governance structure of Onex, the transaction may result in an undertaking that is not ‘Canadian’ within the meaning” of the Canada Transportation Act, Air Canada’s general counsel David Perez wrote in an Aug. 15 letter to the Canadian Transportation Agency. “Onex’s structure also appears to provide insufficient protections to ensure that WestJet continues to be Canadian in the future.”
Full article from Financial Post
https://business.financialpost.com/t...-rival-westjet
Full article from BNN Bloomberg including video
https://www.bnnbloomberg.ca/air-cana...tjet-1.1310375
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