23 August, 2019
For Immediate release
Toronto – Air Transat shareholders have approved a $720 million takeover by Air Canada by a 94.77% vote. This is well above the two-thirds margin required. Both companies will continue to operate under their current structures.
The agreement is now putting the fate of the transaction in the hands of regulators before being finalised. The transaction is unlikely to close before early 2020.
IAM District 140, which is the sole bargaining agent to almost 11,500 workers at both airlines, continues to be committed to fairly representing IAM members fully and fairly. Furthermore, the two bargaining units cannot be merged, and the contracts must be bargained separately.
The IAM represents approximately 9700 members at Air Canada represents more than 350 members at Air Transat.
We are committed to protect our members, as well as their livelihoods and their quality of life. Their families and communities also depend on the security of our members’ jobs.
The IAM is the union representing the greatest number of workers at Air Canada and Air Transat. They are also the largest Union in Canada representing Airport Screeners and Airline Service Providers.
For more information:
Fred Hospes, IAM District 140 President (778) 829-8140
Dave Chartrand (514) 231-9100
Frank Saptel (416) 579-0481
This article was originally posted on the IAM Canada website. View the original post here: IAM Canada Statement on Air Canada takeover of Air Transat