A Quebec court has given its blessing to the merger of Air Canada and Transat, leaving a final political hurdle to overcome.
The Transat purchase by Air Canada cleared a major hurdle Friday when it was overwhelmingly approved by Transat shareholders.
Shareholders of Transat will meet Friday morning in Montreal to vote on a proposed $720 million sale to Air Canada.
Air Canada boosted its offer for all of Transat’s shares Sunday, to $720 million, winning the support of Transat’s largest shareholder in the process.
A special committee of Transat’s board which is reviewing the company’s future, including its proposed merger with Air Canada, has advised shareholders to reject Groupe Mach’s offer to buy 19.5% of Transat shares.
Groupe Mach has proposed an $88 million plan to stop a planned takeover of Transat by Air Canada.