Bombardier (BBD.B-T) Quebec pension giant the Caisse, Bombardier's third-largest shareholder, would consider raising its interest in a show of confidence in chief executive officer Alain Bellemare and his turnaround plan.
Caisse CEO Michael Sabia telling reporters Wednesday: "Are we open to the idea of increasing our position? Yes. It depends on the circumstances, it depends on the analysis that our teams make. Are we going to change something, increase our investment in Bombardier Inc. very soon? I don't think so."
Bombardier has been hemorrhaging cash after repeated delays of its C Series jet, which is more than two years late, $2-billion over budget and required a $1-billion bailout from the Quebec government for a 49.5-per-cent share. The Caisse held about 41.6 million Bombardier shares at the end of 2014, the most recent date for which figures are available.
Earlier this month, the pension fund manager completed a deal to acquire 30 per cent of Bombardier Transport, the company's rail unit, for $1.5-billion. "We're already pretty constructive around the company in general," Mr. Sabia said. "I guess that's reflected in what we've done." |
