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Business Companies 08 Feb 2020 Airbus likely to acq ...

Airbus likely to acquire Bombardier's remaining stake in A220 passenger jet: sources

REUTERS
Published Feb 8, 2020, 10:24 am IST
Updated Feb 8, 2020, 10:24 am IST
The terms of a potential deal that would mark Bombardier’s exit from commercial aviation were unclear.
Airbus and Bombardier both declined to comment.
 Airbus and Bombardier both declined to comment.

Paris: Europe’s Airbus SE is likely to acquire Canadian plane and train maker Bombardier Inc’s remaining stake in the A220 passenger jet program, two industry sources said.

A deal for Airbus to buy the 33.58 per cent share in the program was widely expected after Bombardier said in January it was reviewing the stake in the joint venture. Barring surprises, a deal is expected next week ahead of both companies’ earnings reports on Feb 13, the sources added.

 

Airbus and Bombardier both declined to comment. The terms of a potential deal that would mark Bombardier’s exit from commercial aviation were unclear.

Bombardier, which is weighing additional asset sales, faced a cash crunch in 2015 due to its high-stakes bet on the technologically advanced narrowbody.

Bombardier shares closed up 2.8 per cent.

Montreal-based Bombardier ceded control of the program to Airbus in 2018 for a token C$1 as part of broader efforts to improve its finances. It retained a minority stake alongside the Canadian province of Quebec.

 

Quebec, with a 16.36 per cent stake in the A220 program, would not invest further. Rather, it is trying to protect the program’s estimated 2,700 jobs, along with the province’s USD 1 billion investment in the program, Economy Minister Pierre Fitzgibbon said on Monday.

“We put USD 1 billion in it and that’s enough.”

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