Company News

EU extends deadline for decision on Air Canada-Transat deal

BRUSSELS, Nov 6 (Reuters) - EU antitrust regulators have extended their deadline for a decision on Air Canada’s proposed acquisition of Canadian tour operator Transat by two weeks to Jan. 8.

The European Commission, which opened an investigation in May on concerns that the deal could push up prices and reduce choice for flights between Europe and Canada, said the extension was applied in agreement with the two companies.

Air Canada last month cut its offer price for Transat by nearly 75% to about C$188.7 million ($144.7 million) because of the COVID-19 impact on travel demand. ($1 = 1.3037 Canadian dollars) (Reporting by Foo Yun Chee Editing by David Goodman)