Péladeau had solid partners to buy Transat

Pierre Karl Péladeau was not alone in his many attempts aimed at buying Transat AT: Investissement Québec (IQ) – The financial arm of the Quebec state -. Moreover, the FTQ solidarity fund were also eager to get on board, learned The press.

Posted at 5:00 a.m.

Confidential. Furthermore, this information is in the content of three acquisition proposals transmitted by the businessman on April 28, May 9 and June 17 to the Compagnie à l’Étoile Bleue and which we were able to consult.

Through his investment companies, Mr. Therefore, Péladeau is the second shareholder in importance of the Quebec company. péladeau had solid partners buy In addition, He recently failed to force the holding of a vote on the agreement that enabled the parent company of. Therefore, Air Transat to restructure its heavy debt.

Read the article “Péladeau dismissed by the Superior Court”

Despite everything. However, the Quebecor control shareholder says he is still open to getting his hands on the air carrier and a tour operator, he told the Bloomberg agency on July 14.

The names of IQ. Similarly, the FTQ Solidarity Fund – the first shareholder of Transat – even appear in the proposal dated April 28 in which Mr. Therefore, Péladeau offers only $ 1 for all the actions of the company.

At that time. Meanwhile, the specialist in the approval trip had still not announced an agreement with the federal government, his main péladeau had solid partners buy creditor, to which he owed 772 million. Moreover, The plan of the telecommunications magnate: Restructure Transat through an insolvency procedure, where shareholders can lose all of their bet.

“The buyer discusses with the FTQ Solidarity Fund. Furthermore, Investissement Québec, we can read in the eight-page document which is signed by Mr. For example, Péladeau. Nevertheless, They confirmed their interest in working with the buyer. Nevertheless, participating in the financing of the transaction to bear not only the sustainability of the company, but its growth and the creation of jobs that would follow. »»

However. there is no sum that would be put on the table by the fund and the state -owned company, a sign that there was still work to do to complete the talks. If a transaction had materialized, Mr. Péladeau planned to put an “interim funding” of 150 million available to Transat.

It was not possible to know why the workers’ fund seemed open to settle for $ 1 for its block of around 4.4 million shares and then untie the cords of its scholarship to financially support Transat.

“The fund does not comment on its business strategies in a particular file. all the more in the case of a public enterprise so as not to unduly influence the course of péladeau had solid partners buy action,” wrote his spokesperson, Cécile Amara.

By email, IQ confirmed that it had exchanges with the companies of Mr. Péladeau “within the framework of a potential project to acquire a deckchair” in the event that a proposal from. the businessman was retained. For his part, Transat stressed that he had not participated in these exchanges.

Mr. Péladeau’s companies did not answer questions from The press.

The same remarks concerning the interest of IQ. the fund are found in the projects of understanding of May 9 as well as June 17 – where the businessman said he was ready to offer $ 2.64 for each deckchair action.

Péladeau had solid partners buy

On both sides

Was it delicate. for the FTQ Solidarity Fund to have talks with Mr. péladeau had solid partners buy Péladeau’s companies when this institutional investor is also the largest shareholder in Transat?

These are things that happen. underlines Yan Cimon, full professor of strategy at the Faculty of Sciences of the Administration of Laval University, who specializes in particular in the issues of governance.

“We can think that these are probably different teams [au Fonds] Who have taken care of discussions to ensure that questions of conflict of interest are managed as it should be. ”he underlines.

The expert adds that Mr. Péladeau’s offers do not include “formal commitments” on the part of the FTQ. IQ solidarity fund, which suggests that there were still several stages to be crossed before concluding a good financing agreement.

Despite his backhand in front of the Superior Court earlier this month. the telecommunications péladeau had solid partners buy magnate does not seem to have thrown in the towel. He always dreams of getting his hands on the Quebec carrier.

Even in half shorten – at 334 million – its debt with Ottawa. work is far from finished in this chapter, according to Mr. Péladeau.

“The company will need another restructuring,” he had explained to Bloomberg. They cannot live with it. If they live with it, they will be limited in their ability to develop the business. »»

Since the announcement of the agreement between Transat. Ottawa, the title of the specialist in the pleasure trip has soared around 40 % on the Toronto Stock Exchange. Wednesday, he closed at $ 2.67.