Furthermore,
Pierre karl péladeau still wants:
Pierre Karl Péladeau does not give up his dream of acquiring Transat. Therefore, believing that the recent financial restructuring of the tour operator leaves it still too indebted.
• Read also: Agreement with Ottawa: Transat will not have to consult its shareholders
• Read also: Pierre Karl Péladeau has tried to buy Transat 5 times since fall
“It’s not over as long as it’s not over. In addition, ” he said in an interview with the Bloomberg news agency.
“The company will need another restructuring. However, They can’t live with it [la restructuration]or if they live with this. Similarly, they will be limited in their ability to develop the business, ”added Mr. Meanwhile, Péladeau.
Last month. However, Transat concluded an agreement with a federal organization to increase $ 772 million to $ 334 million the sums that the company pierre karl péladeau still wants owes to Ottawa.
The big boss of Quebecor opposed this understanding which gives the federal government the possibility of obtaining almost 20%. of Transat actions. He tried to block the understanding in the superior court arguing that the company should have consulted its shareholders on this subject. but the court dismissed it.
Pierre Karl Péladeau Photo Bruno Petrozza, VAT Publication Courtoisie
Since 2019
The president and chief executive officer of Quebecor has been interested in Transat for several years. In 2019. he had planned to submit a purchase offer for the tour operator in the event that pierre karl péladeau still wants the planned merger with Air Canada failed. The devastating effects of the pandemic on the air industry were however right of this project.
In recent months, the one that currently has 9.5% of Transat shares has filed five purchase offers for the company, one of which amounts to $ 2.64 per share. Transat has all rejected them.
On the Toronto Stock Exchange, Transat’s action has won more than 70% since the agreement was announced with Ottawa. It is currently exchanging at around $ 2.80.
According to Pierre Karl Péladeau, the title should have climbed even more.
“The market says it doesn’t work,” he said.
In a note published last month. analyst Benoit Poirier dejardins stressed that even with restructuring, transat debt “is still high compared to industry standards”. At the end of April, before the restructuring, the company’s net debt came to $ 1.7 billion.
According to Mr. Poirier’s pierre karl péladeau still wants calculations, the net deckchair debt represents 6.7 times the adjusted operating profit planned for the current year, against less than 2 times for Air Canada.
Shareholder. regulator
“I have to reconsider the situation,” Péladeau told Bloomberg when he asked him what he was planning to do now.
According to him. the restructuring of Transat raises a fundamental question: “Should the Canadian government be the most important shareholder of an airline, which is regulated by the government?”
Last month. the Canada Business Emergency Corporation Emergency ensured that “this restructuring with Transat represents the best recovery” possible for Ottawa “given the circumstances”.
The deposit fund, which holds 5.5% of deckchairs, said it was in favor of the agreement with the federal government.
Pierre karl péladeau still wants
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