Onex offers to buy Canada's big airlines; Canadian Airlines supports plan, but Air Canada reacts coolly to merger

Article Abstract:

Holding company Onex Corp., led by Gerald W. Schwartz, has offered C1.8 bil for Air Canada and Canadian Airlines. Onex would also assume C$3.9 bil in debt. For first half 1999, Air Canada had revenue of US$50.7 mil on income of US$2.04 bil. Canadian Air had losses of US$83.9 mil on revenue of US$1.02 bil. The deal values Air Canada at C$1.6 bil. Any merger would face regulatory approval. AMR Corp., the U.S. holding co. for American Airlines, is an investor in Canadian Air. AMR would hold 15% of the merged entity.

Asset sales & divestitures, Acquisitions & mergers, Air Transportation, Scheduled, And Air Courier Services, Financial Holding Companies, Offices of Bank Holding Companies, Holding Offices, Mergers, acquisitions and divestments, Financial services industry, Financial services, Onex Corp., Canadian Airlines Corp.

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Air Canada resumes flying as pilots ratify settlement pact to end strike

Article Abstract:

Air Canada renewed flying operations on September 14, 1998 following the reaching of a settlement with its pilots union. The carrier's 2,100 pilots were on strike for approximately two weeks. The contract, good for two years, provides a 4% first-year pay hike retroactive to April 1998. It also provides a 5% pay hike for 1998 beginning on April 1, 1999. The pilots union said that it accepted the deal because Air Canada agreed to imporve working conditions.

Company Planning/Goals, New Products/Services, Services information, Personnel administration, Article

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