Business Services Industry
Air Canada Bids for Rival Part-Owned by American Airlines.
Knight Ridder/Tribune Business News, November, 1999 by Reed, Dan
Knight Ridder/Tribune Business News
Nov. 16 -- Ten days after a Canadian court short-circuited AMR Corp.'s effort to buy Air Canada and merge it with Canadian Airlines, Air Canada turned the tables and offered about $63 million for Canadian Airlines.
A spokesman for Fort Worth-based AMR, which owns 33 percent of Canadian Airlines and can veto any deal that would alter its ownership, declined to comment on Air Canada's bid. AMR is the parent of American Airlines.
The bid had been expected since an Ontario judge ruled Nov. 5 that a $1.64 billion bid by Onex Corp. of Toronto to acquire Air Canada and merge it with Canadian would have violated a law prohibiting anyone from owning more than 10 percent of Air Canada.
AMR is Onex's...
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