February 17, 2016 / 3:02 PM / 2 years ago

BUZZ-Bombardier Inc: Best day in 5 months after Air Canada deal

** Canadian aircraft and train maker’s shares up 20 pct at C$1.08 in early trading

** Shares rise as much as 30 pct to C$1.17, biggest intraday percentage gain since September

** Signs deal to sell up to 75 CS300 planes to Air Canada for as much as $3.8 bln

** Bombardier to slash workforce by about 7,000 in next 2 years

** Also proposes a reverse stock split to prop up the sagging stock and avoid expulsion from TSX

** Ratio of reversed stock share to be decided later; targets share price of C$10-C$20 per class A share or class B subordinate voting share

** Up to Tuesday’s close, stock had fallen about 65 pct in 12 months; trading below C$1 since late January, its lowest in 25 years

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