Onex Corp., a Toronto-based conglomerate, is offering $3.8 billion to buy and combine Air Canada and Canadian Airlines.(proposed merger)

Purchasing, October, 1999

Onex Corp., a Toronto-based conglomerate, is offering $3.8 billion to buy and combine Air Canada and Canadian Airlines. A single airline, which would retain the Air Canada name, would be more efficient and financially stronger than the separate operations, says Onex CEO Gerald Schwartz. The buyout and merger would involve the loss of 5,000 jobs.

Canadian Airlines is struggling while Air Canada is financially robust.