Deals
Bombardier Drops Most in Five Months on $492 Million Share Sale
- Canada’s largest aerospace company moves to improve finances
- Investors had been enjoying a rally as turnaround took hold
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Bombardier Inc. fell the most in five months after announcing a plan to sell new shares in an effort to strengthen its balance sheet.
The offering furthers Bombardier’s efforts to shore up its finances, while diluting investors who had previously been enjoying a rally as Chief Executive Officer Alain Bellemare made headway on a five-year turnaround plan. Bombardier has about $9.2 billion in long-term debt after investing heavily in two aircraft-development programs.