The TRZ takeover is a long, long way from being approved as a “sum of the parts” deal.

AC is trying to throw some sand in the gears here. I don’t think Onex is going to have a great deal of difficulty establishing that it’s Cdn owned and controlled. They’ve been to this rodeo before.

Trying to convince a skeptical public, media and regulator that having the already dominant airline in Canada taking over the #2 leisure carrier in Toronto, Montreal and elsewhere, not to mention a major competitor across the Atlantic, who have historically kept TATL fares in check is going to be anything but anti-competitive is going to be considerably more difficult, regardless of the wishes of TRZ shareholders.