Royal Bank Increases ACE Aviation Holdings

For a second time this month, Royal Bank of Canada (RY) has bolstered its holdings in ACE Aviation Holdings Inc. (ACEBF.PK),  the parent company of Air Canada (AIDIF.PK).

RBC said it had acquired 100,000 Class B voting shares yesterday, valued at more than C$2.2-million based on its closing price of C$22.08 on Wednesday.

The bank now holds 7.37% of the company's Class B shares, after increasing its stake to more than 5% earlier this month.

In a statement, RBC said:

The acquisition was not made for the purpose of, and will not have the effect of, influencing or changing the control of ACE Aviation.

Earlier this month, Deutsche Bank Securities Ltd. also increased its holdings in ACE, which plans to unwind itself in the coming months.