AC.TO - Air Canada

Toronto - Toronto Delayed Price. Currency in CAD
42.75
-0.28 (-0.65%)
At close: 4:00PM EDT
Stock chart is not supported by your current browser
Previous Close43.03
Open42.99
Bid42.78 x N/A
Ask42.79 x N/A
Day's Range42.24 - 43.38
52 Week Range22.57 - 47.43
Volume1,555,789
Avg. Volume1,262,575
Market Cap11.574B
Beta (3Y Monthly)0.39
PE Ratio (TTM)10.20
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Lone 737 MAX criss-crossed Canada for pilot checks during grounding
    Reuters

    Lone 737 MAX criss-crossed Canada for pilot checks during grounding

    MONTREAL/PARIS (Reuters) - While the world's Boeing 737 MAX fleet remains grounded after two fatal crashes, a solitary Air Canada plane has been spotted in the skies, shuttling between Quebec and Ontario. In a rare exemption, approved by Canadian aviation regulator Transport Canada, the 11 flights in August and September were partly to maintain the qualifications of senior training pilots, Air Canada told Reuters in response to a query about flight tracking data. A spokesman for Air Canada said the airline was not able to use similar 737s within its fleet "to maintain check pilot authority in alignment with (Canadian aviation regulations)".

  • Moody's

    Massachusetts Port Authority -- Moody's assigns A1 to BOSFUEL Project's (MA) Special Facilities Revenue Bonds, Series 2019A (AMT) and 2019B (Taxable); outlook is stable

    Moody's Investors Service ("Moody's") has assigned an A1 to the BOSFUEL Project's $129.8 million Special Facilities Revenue Bonds (BOSFUEL Project), Series 2019A (AMT) and $6.8 million Special Facilities Revenue Bonds (BOSFUEL Project), Series 2019B (Taxable), issued by the Massachusetts Port Authority ("Massport") on behalf of BOSFUEL. The A1 rating is driven by the strength of the cost recovery framework supporting the bonds.

  • Friday the 13th Won’t Be All Bad for Canada Stocks Rejig
    Bloomberg

    Friday the 13th Won’t Be All Bad for Canada Stocks Rejig

    (Bloomberg) -- Air Canada fell as much as 1.5% on Monday after the stock was unexpectedly left out of a reshuffle of the S&P/TSX 60 Index and Kirkland Lake Gold Inc. added instead.Kirkland Lake rose 2.8% at 9:50 a.m. in Toronto after the announcement late Friday; Husky Energy Inc. was removed in the changes. S&P Dow Jones is still set to announce the changes for the TSX composite on Sept. 13.READ MORE: A Hidden Gem May Join The Big Leagues After Canada Index ShuffleThe index changes -- important in the age of passive investing since they drive the composition of exchange traded funds -- may turn out to be the biggest news in what’s expected to be a relatively quiet week. Expect CannTrust Holdings Inc. to be among those ejected from the composite index after it fell beneath its listing price of C$2.50.Kirkland Lake has soared 80% this year amid gold’s safe-haven rally and is up 675% over three years.Air Canada had climbed more than 300% since 2016 and is the best-performing stock in the Bloomberg World Airlines Index this year. The carrier’s performance has been boosted this year by its planned acquisition of tour operator Transat AT, which will accelerate its global presence in the leisure industry.CannTrust, on the flipside, has fallen almost 85% from its 2018 peak. A demotion from the TSX would mean it has spent a mere six months in the index.To be eligible for index inclusion, a stock must have a float-adjusted market cap of greater than 0.04% of the index itself, according to AltaCorp. It should also have a float turnover of more than 0.5 times over the period of the prior year. For a deletion, the stock will have a float weight of less than 0.025% of the index. The measurement period to determine changes is based on volume-weighted trading over the last 10 trading days of August.The conference schmoozefest will continue with Canadian companies presenting across North America: Barclays Global Financial Services Conference, Rodman & Renshaw 21st Annual Global Investment Conference, RBC Global Industrials Conference and BMO Media & Telecom Conference.Here’s a recap of what happened last week:Markets -- Just The NumbersWhile skepticism remains, markets were buoyed by the easing of U.S.-China trade tensions this week. A spate of good economic data up north supported the Bank of Canada’s reluctance to signal a potential interest rate cut when it held interest rates steady. That culminated with a blockbuster 81,100 jobs created last month, Statistics Canada reported Friday. It was the seventh-largest monthly gain in records going back to 1976, and brought gains to 471,300 over the past 12 months, the most in a year since 2003.Chart of The WeekPoliticsPrime Minister Justin Trudeau is expected to kick off Canada’s election campaign over the next week. The federal election is set to take place on Oct. 21.EconomyEconomists will have one eye on August housing starts, expected on Sept. 10, after the Bank of Canada kept rates unchanged in September, in contrast to the rest of the world’s easing trend. Deputy Governor Lawrence Schembri on Thursday noted the domestic economy’s resilience, highlighting the bank’s determination to chart its own course.TrendingInCanada1\. Tennis superstar (and Canadian!) Bianca Andreescu made history and won the US Open in New York last week. And in true Canadian fashion, she apologized to fans of Serena Williams for her win.(Updates with S&P/TSX 60 shuffle announcements, share price)\--With assistance from Madeleine Lim.To contact the reporters on this story: Divya Balji in Toronto at dbalji1@bloomberg.net;Aoyon Ashraf in Toronto at aashraf7@bloomberg.netTo contact the editors responsible for this story: Madeleine Lim at mlim131@bloomberg.net, Jacqueline Thorpe, David ScanlanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    UPDATE 1-Air Canada files challenge over Onex's C$3.5 bln buyout of rival WestJet

    Air Canada has challenged Onex Corp's proposed acquisition of WestJet Airlines, on grounds that the deal may not meet the country's ownership rules, according to a letter sent by the carrier to the Canadian Transportation Agency. Toronto-based Onex's planned C$3.5 billion ($2.6 billion) buyout of Calgary-based WestJet has received approval from the carrier's shareholders and some regulators, but the agency is still reviewing whether the deal meets Canada's protective ownership laws. Under Canadian rules, foreigners cannot own more than 49% equity in a Canadian airline.

  • Air Canada Challenges Onex’s Takeover of Rival WestJet
    Bloomberg

    Air Canada Challenges Onex’s Takeover of Rival WestJet

    (Bloomberg) -- Air Canada is calling on the country’s transportation regulator to take a closer look at Onex Corp.’s takeover of WestJet Airlines Ltd., arguing that the C$3.5 billion ($2.6 billion) deal may run afoul of foreign-ownership rules.“I am writing to express the concern that, due to the structure of the transaction and the capital and corporate governance structure of Onex, the transaction may result in an undertaking that is not ‘Canadian’ within the meaning” of the Canada Transportation Act, Air Canada’s general counsel David Perez wrote in an Aug. 15 letter to the Canadian Transportation Agency. “Onex’s structure also appears to provide insufficient protections to ensure that WestJet continues to be Canadian in the future.”Onex, the Toronto-based buyout firm founded and led by Gerry Schwartz, agreed in May to buy Canada’s second-biggest carrier in a cash deal and take the company private. The acquisition was valued at C$31 a share, or C$5 billion including debt, Toronto-based Onex said at the time. The stock closed Friday at C$30.86 in Toronto.Air Canada’s letter said that WestJet’s purchaser will also have a number of co-investors that may include foreign sovereign wealth funds, foreign airlines and other non-Canadians, and that Onex lacks the necessary internal controls to ensure that Calgary-based WestJet remains Canadian.Foreign ownership rules under Canada’s transportation act require a company to be 51% owned and controlled by Canadians, with no more than 25% voting interest held by any single non-Canadian.“We urge the agency to carefully consider whether the transaction will result in an undertaking that is Canadian and to use its powers to investigate and uphold the Act as necessary,” Air Canada said.The appeal was reported earlier in the Globe and Mail.“Onex is pleased to have received approval from the minister of transport and the Competition Bureau for the WestJet transaction,” the company said in an e-mail. “Onex is engaged with the CTA on the regulatory approval process of our transaction.”WestJet spokeswoman Lauren Stewart said the arrangement is still subject to the receipt of the Canadian Transportation Agency’s review of the ownership structure.“Assuming the timely receipt of this approval, the transaction is expected to close in the fourth quarter of 2019,“ Stewart said in an e-mail. “As the deal remains under regulatory review, we will not be providing further comment.(Updates with company comments)To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, ;Michael J. Moore at mmoore55@bloomberg.net, Brendan CaseFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Air Canada files challenge over Onex's C$3.5 billion buyout of rival WestJet
    Reuters

    Air Canada files challenge over Onex's C$3.5 billion buyout of rival WestJet

    Air Canada has challenged Onex Corp's proposed acquisition of WestJet Airlines , on grounds that the deal may not meet the country's ownership rules, according to a letter sent by the carrier to the Canadian Transportation Agency. Toronto-based Onex's planned C$3.5 billion ($2.6 billion) buyout of Calgary-based WestJet has received approval from the carrier's shareholders and some regulators, but the agency is still reviewing whether the deal meets Canada's protective ownership laws.

  • Is There More To Air Canada (TSE:AC) Than Its 6.7% Returns On Capital?
    Simply Wall St.

    Is There More To Air Canada (TSE:AC) Than Its 6.7% Returns On Capital?

    Today we'll evaluate Air Canada (TSE:AC) to determine whether it could have potential as an investment idea...

  • Benzinga

    Air Canada's Transat Purchase Faces Additional Government Scrutiny

    Air Canada (TSX:AC) will face an additional level of government scrutiny as it seeks to acquire Transat (TSX:TRZ), delaying the deal by as much as nine months. Transat also offers cargo services, which accounted for a portion of the C$135 million it recorded as "other" revenue in 2018.

  • Bloomberg

    Air Canada’s Transat Bid Looks Shakier Than Ever to Market

    (Bloomberg) -- After battling a rival bid, Transat A.T. and Air Canada now have one more thing to worry about. The gap between Transat’s share price and Air Canada’s takeover bid is sitting at the widest ever -- indicating investors aren’t confident the deal will get done.Transat’s stock fell as much as 5.9% Tuesday to C$15.03 ($11.33), the biggest drop since early July. That’s nearly C$3 below Air Canada’s offer of C$18 a share or C$720 million, which was raised earlier this month in an attempt to fend off an unsolicited bid from Quebec real-estate developer Group Mach Inc.The tour operator’s shareholders voted 95% in favor of the Air Canada bid last Friday. It’s now subject to other closing conditions, including approval under the Canadian Competition Act, the Canada Transportation Act and European Council regulations.Canada’s transport minister Marc Garneau said Monday that officials need until May to review the proposed acquisition in order to ascertain whether the deal is in the best interest of the public.The competition review is anticipated “to be the most strenuous given the overlap of the companies in Montreal and Quebec markets,” AltaCorp Capital analyst Chris Murray said in a recent note. “The upcoming federal election could also expose the transaction to heightened levels of political discourse, which could make regulators reticent to approve relevant reviews.”However, Murray said he believes the deal will ultimately get the required approvals and will close by 2020.Scotiabank analyst Konark Gupta agreed that the deal will eventually get done but added that the “Competition Act approval could be relatively more tedious compared to other regulatory and government approvals” due to substantial overlap between the two companies in sun destinations and transatlantic markets.(Updates with Tuesday’s share move in second paragraph.)\--With assistance from Divya Balji.To contact the reporter on this story: Kristine Owram in Toronto at kowram@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Divya BaljiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    UPDATE 1-Air Canada's planned Transat acquisition requires additional scrutiny -minister

    Air Canada's planned acquisition of Transat AT raises issues of public interest and will require additional scrutiny, including the impact on airline competition, before it can be approved, Canada's transport minister said on Monday. Transat shareholders overwhelmingly voted last week in favor of Air Canada's C$720 million ($542 million) or C$18-a-share bid for the tour operator. The deal between Canada's largest carrier and Transat, which runs leisure carrier Air Transat, would give Transat a 60% market share of select trans-Atlantic routes to and from Canada and would require domestic and European regulatory approvals.

  • Air Canada's planned Transat acquisition requires additional scrutiny: minister
    Reuters

    Air Canada's planned Transat acquisition requires additional scrutiny: minister

    Air Canada's planned acquisition of Transat AT raises issues of public interest and will require additional scrutiny, including the impact on airline competition, before it can be approved, Canada's transport minister said on Monday. Transat shareholders overwhelmingly voted last week in favor of Air Canada's C$720 million ($542 million) or C$18-a-share bid for the tour operator. The deal between Canada's largest carrier and Transat, which runs leisure carrier Air Transat, would give Transat a 60% market share of select trans-Atlantic routes to and from Canada and would require domestic and European regulatory approvals.

  • Transat shareholders approve Air Canada's C$720 million bid for leisure group
    Reuters

    Transat shareholders approve Air Canada's C$720 million bid for leisure group

    Transat AT Inc shareholders on Friday overwhelmingly voted in favor of Air Canada's bid for the leisure group, in a deal that still requires domestic and European regulatory approval. Air Canada offered C$720 million ($540.70 million), or C$18 a share, bid for the tour operator, which runs leisure carrier Air Transat. Air Canada sweetened its initial C$13 a share offer for Transat, locking up support from the tour operator's largest shareholder Letko Brosseau.

  • Blockbuster Deals Boost Canada’s Airline Stocks by $5 Billion
    Bloomberg

    Blockbuster Deals Boost Canada’s Airline Stocks by $5 Billion

    (Bloomberg) -- The year has been one for the record books when it comes to Canadian airline stocks.The country’s four biggest carriers have seen double-digit share price growth amid a myriad of deals and stake purchases. The corporate transactions have added a total of about C$7 billion ($5.3 billion) in market value to the companies, according to data compiled by Bloomberg.Amazon.com Inc.’s deal announced Friday with Mississauga,Ontario-based Cargojet Inc. to take a potential ownership position in the cargo carrier added another notch as the Canadian stock rallied to a record high. Cargojet will issue warrants to Amazon in two tranches to purchase variable voting shares that will vest based on the achievement of certain commercial milestones.Here’s a look at the other announced deals this year:Air Canada has been embroiled in a battle with rival bidder Group Mach Inc. to acquire Transat A.T. Last week, Canada’s largest airline upped its offer to C$720 million, securing support from the tour operator’s largest shareholder. Air Canada has surged 70% this year, the best-performing stock in the Bloomberg World Airlines Index. Transat has more than doubled.In May, WestJet Airlines Ltd. agreed to be acquired by Canadian private equity firm Onex Corp. for C$3.5 billion in cash. Westjet has gained 72% on the year.To contact the reporter on this story: Divya Balji in Toronto at dbalji1@bloomberg.netTo contact the editors responsible for this story: Madeleine Lim at mlim131@bloomberg.net, David ScanlanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Quebec's Peladeau to vote against Air Canada's Transat bid, mulls offer
    Reuters

    Quebec's Peladeau to vote against Air Canada's Transat bid, mulls offer

    Quebec businessman and former politician Pierre Karl Peladeau said on Monday he will vote against Air Canada's offer to buy tour operator Transat AT, and would consider making a separate offer with partners if the deal fails. Shareholders of the tour operator, which runs leisure carrier Air Transat, decide on Friday whether to back Air Canada's C$720 million ($540.42 million), or C$18 a share, offer. Peladeau, who owns a 1.6 percent stake in Transat, is the CEO of Quebecor Inc. but the media company is not involved in the matter.

  • Reuters

    UPDATE 1-Air Canada sees A220 jet delivering boost for key U.S. transit traffic

    Air Canada said on Wednesday it will launch a direct Seattle-Montreal service in May 2020 with its new A220-300 jets, as the carrier eyes new routes to expand its share of lucrative international transit traffic to and from the United States. Airbus SE's smallest commercial jet, expected to enter Air Canada's fleet in December with its first delivery, will help the carrier open new routes and increase capacity to cities that lack enough traffic to warrant a larger plane, Canada's largest carrier said. "The economics that come with this aircraft allow Air Canada to open new routes that you couldn't serve profitably," Mark Galardo, the Montreal-based carrier's vice president of network planning, said in an interview.

  • Air Canada sees A220 jet delivering boost for key U.S. transit traffic
    Reuters

    Air Canada sees A220 jet delivering boost for key U.S. transit traffic

    Air Canada said on Wednesday it will launch a direct Seattle-Montreal service in May 2020 with its new A220-300 jets, as the carrier eyes new routes to expand its share of lucrative international transit traffic to and from the United States. Airbus SE's smallest commercial jet, expected to enter Air Canada's fleet in December with its first delivery, will help the carrier open new routes and increase capacity to cities that lack enough traffic to warrant a larger plane, Canada's largest carrier said. "The economics that come with this aircraft allow Air Canada to open new routes that you couldn't serve profitably," Mark Galardo, the Montreal-based carrier's vice president of network planning, said in an interview.

  • Benzinga

    Air Canada Boosts Transat Bid By C$200 Million

    Air Canada (TSE:AC) will spend an additional C$200 million to buy Transat A.T. (TSE:TRZ) to win the support of the Canadian tour company's largest shareholder. (A Canadian dollar is worth US$0.76.) Air ...

  • Air Canada raises Transat purchase offer to C$720 million
    Reuters

    Air Canada raises Transat purchase offer to C$720 million

    Letko Brosseau, Transat's largest shareholder with about 19.3% of the company's shares, supports the Air Canada acquisition, according to the statement, which added that Air Canada has entered into a lockup and support agreement with the shareholder. Transat's board has recommended that its shareholders approve the deal with Air Canada, which is expected to be completed early next year, the companies said.