Transportation
Billionaire Peladeau Takes Another Run at Canadian Airline Transat
Air Transat aircraft on the tarmac at Toronto Pearson International Airport.
Photographer: Cole Burston/Bloomberg
Shares of Canadian airline and vacation provider Transat AT Inc. rose more than 18% after Quebec billionaire Pierre Karl Péladeau pressured for partial control of the board, saying the company needs major changes to fix its balance sheet.
Péladeau’s family office, Financière Outremont Inc., said it has requisitioned an investor meeting and is proposing to cut the board to six directors, including three of its own nominees. The firm said it’s the second-largest shareholder in Transat with a 9.5% stake.