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Resource News International, August, 1999
Winnipeg, MB, Canada, Aug. 24, 1999
WINNIPEG, MB, August 24, 1999 (Resnews)
CANADIAN AIRLINES MAY MERGE
Toronto-based Onex Corp. wants to take over Canadian Airlines and Air Canada and then, merge them in a deal worth $5.7 bln, Gerry Schwartz, Onex president and chief executive said today.
He indicated that the "status quo" is not an option as CAI's mounting losses and Air Canada's flat share prices demonstrate..
Schwartz indicated that the plan has already been approved by the board of the finan cially troubled Canadian Airlines while Air Canada said it knew of the offer, but said it would not comment until it had a chance to review the proposal.
Onex wants to buy all of Air Canada's shares for $8.25 a...
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