Bombardier Falls on Concern $1.3 Billion Aid Isn't Enough
- Province to buy 49.5% of troubled CSeries, take equity stake
- Jetliner costs, scrapping Learjet 85 drive $4.9 billion loss
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Bombardier Inc. tumbled the most in two months amid concern that a Quebec government rescue of as much as $1.3 billion won’t be enough to end the financial drain from the tardy, over-budget CSeries jetliner.
Quebec’s $1 billion CSeries investment and plans for an equity stake in Bombardier were unveiled as the planemaker posted a $4.9 billion third-quarter loss Thursday, much of it due to the marquee aircraft. Montreal-based Bombardier also said the jet will need an additional $2 billion during the next five years.