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Canadian Court Ends American Airlines' Bid for Air Canada.
Knight Ridder/Tribune Business News, November, 1999 by Reed, Dan
Knight Ridder/Tribune Business News
Nov. 6 -- A Canadian court has ended AMR Corp.'s effort to gain a dominant position in the lucrative U.S.-Canada air travel market and the lead in the race to build powerful global airline alliances.
Toronto-based Onex Corp., which had been fronting a $1.64 billion bid largely financed by AMR to buy and merge Air Canada and its rival, Canadian Airlines, withdrew the bid late yesterday after Quebec Superior Court Justice Andre Wery ruled the Onex/AMR plan illegal. It would have violated a Canadian law that prohibits anyone from owning more than 10 percent of Air Canada.
Onex would have owned nearly 28 percent of the merged carrier. AMR would have owned nearly 15 percent of the consolidated carrier's common...
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