Friday, November 17, 2006

Air Canada offering takes flight

ACE Aviation Holdings Inc. plans to spin off a quarter of Canada's biggest airline for $525 million as it puts Air Canada shares on the stock market again.
Montreal-based ACE announced yesterday that Air Canada's new shares will be priced at $21 each.
That's in the upper end of the $19 to $22 range Air Canada's parent company expected to set as the offer price.
Some of the money will be used to beef up Air Canada's fleet, as the airline adds more international flights to such countries as India and China.
A total of 25 million shares will initially be sold in the offering, and there will be an aggregate of 100 million Air Canada class A variable voting shares and class B voting shares issued and outstanding.
17/11/06 Tara Perkins/Toronto Star, Canada
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