Business Services Industry
American Airlines to Help Fund Canadian Alliance.
Knight Ridder/Tribune Business News, August, 1999 by Maxon, Terry
Knight Ridder/Tribune Business News
Aug. 25 -- AMR Corp., owner of American Airlines Inc., said Tuesday it will put nearly $335 million into a company that wants to combine Air Canada and Canadian Airlines International into a single carrier.
Onex Corp. of Toronto unveiled its proposal to invest $670 million in a new Air Canada, ending years of competition between Canadian and Air Canada on domestic and international routes.
The Canadian Airlines board agreed to the Onex proposal. However, Air Canada called the unsolicited tender offer "below market" and said it would have to review the deal.
The major payoff for American would be a new preeminent position in the Canadian market.
The new carrier would align with the Oneworld...
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