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Today, 8:15 AM
Fri, Feb. 5, 5:37 PM
- Canada's government is pushing for changes in Bombardier's (OTCQX:BDRAF, OTCQX:BDRBF) dual-class share structure in exchange for possible financial aid, Bloomberg reports.
- Prime Minister Trudeau’s government, which is reviewing a request by Bombardier to help fund the development of its CSeries jet, is concerned about the company’s corporate governance rules through which the Bombardier family controls the business, according to the report.
- If the government imposes a governance condition, it may force Bombardier into a tough choice: loosen family control of the business or give up federal funding.
Wed, Feb. 3, 12:39 PM
- Bombardier (OTCQX:BDRAF, OTCQX:BDRBF), whose stock is mired at 25-year lows, soon will announce plans for a reverse stock split in order to remain a part of Canada's benchmark stock index. Reuters reports.
- Bombardier's board of directors already had approved the reverse split before the stock dipped below C$1/share last week, according to the report.
- If the shares stay at current levels, the stock could get ejected from Canada's benchmark S&P/TSX composite index, forcing index funds to sell the stock and putting more downward pressure on the share price.
Wed, Jan. 27, 3:59 PM
- Bombardier’s (OTCQX:BDRAF, OTCQX:BDRBF) shares fell below C$1 in Toronto trading for the first time in nearly 25 years, adding to the stock 25% YTD decline and raising the prospect that the company will be thrown out of Canada’s benchmark Standard & Poor’s/TSX Composite Index.
- Investors have abandoned the shares as the 73-year-old company struggles with the development of the C Series jet that is two years late and more than US$2B over budget.
- A stock must have an average price of at least $1 for the previous three months to remain in the S&P/TSX index after each quarterly review.
Wed, Jan. 27, 2:33 AM
- Canada has confirmed plans to lift sanctions on Iran, saying that if Airbus is allowed to sell to the country, then its planemaker Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) should be allowed to export there as well.
- Tehran is looking to upgrade its aging fleet with aircraft the same range and seats as Bombardier's 100- to 150-seat CSeries.
- The move comes after the U.S., EU and other major nations lifted some of their own punitive measures on the Islamic Republic.
- Previously: Iran is open for business (Jan. 24 2016)
Sun, Jan. 24, 7:02 AM
- Following the lifting of economic sanctions and the release of billions of dollars worth of frozen Iranian assets, Tehran is ready for business:
- Aircraft - The country just struck a provisional deal to buy eight A380 superjumbos, while an agreement for 100 more Airbus (OTCPK:EADSY) jets could be completed this week. The Islamic Republic is also looking to purchase over 100 planes from Boeing (NYSE:BA) and regional aircraft from Bombardier (OTCQX:BDRAF, OTCQX:BDRBF), MRJ, Embraer (NYSE:ERJ) and Sukhoi.
- Insurance - Insurers and reinsurers are exploring ways to tap the Iranian market worth $7.4B in premiums. Allianz (OTCQX:AZSEY), Zurich Insurance (OTCQX:ZURVY), Hannover Re (OTCPK:HVRRY) and RSA (OTCPK:RSNAY) are all currently evaluating potential opportunities.
- Oil - Greece's Hellenic Petroleum has agreed to buy oil from the National Iranian Oil Company, marking the first sale of Iranian crude to a European country since the lifting of sanctions.
- China - The two countries on Saturday mapped out a plan to broaden relations and expand bilateral trade up to $600B over the next decade.
- Other trade deals are soon to follow.
Thu, Jan. 21, 8:03 AM
- United Airlines (NYSE:UAL) has agreed to acquire 40 Boeing (NYSE:BA) 737-700 aircraft, which will enter its fleet beginning in mid-2017.
- The planes will replace a portion of the capacity currently operated by the regional partners, as the company reduces more than half the number of 50-seat aircraft in its fleet by 2019.
- The deal is a blow to Bombardier (OTCQX:BDRAF, OTCQX:BDRBF), which has sought a major customer to give momentum to its CSeries jet.
Wed, Jan. 20, 7:40 AM
Tue, Jan. 19, 11:57 AM
- Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) jumps nearly 5% in Toronto trading after Delta Air Lines (DAL +4%) says it is taking a “serious look” at the Canadian company’s C Series jets.
- The C Series is Bombardier’s largest commercial jet but has been slow to catch on with major carriers, and the $5.4B development program for the aircraft is more than two years late and at least $2B over budget.
- “If they got a flagship order from a company like Delta, that’s a big deal... a stamp of approval on the C Series,” says Morningstar analyst Chris Higgins.
Thu, Jan. 14, 12:34 PM
- United Airlines (UAL -1.3%) is close to deciding on an order for ~30 small jets worth ~$2B at list prices, and Boeing (BA +1%) looks well placed to win at least part of the deal after undercutting smaller rivals, Reuters reports, citing industry sources.
- A decision in favor of Boeing's 737-700 jet would be a blow for Canada's Bombardier (OTCQX:BDRAF, OTCQX:BDRBF), which has courted UAL as a key prospect for its struggling CSeries jets, as well as for Airbus (OTCPK:EADSF, OTCPK:EADSY) and Embraer (NYSE:ERJ).
- United's requirement for 100-seat aircraft is a natural fit for all the manufacturers, but Boeing reportedly moved in with highly competitive offers for its slightly larger 737-700, which officially seats 126 passengers, according to the report.
Wed, Jan. 13, 9:17 AM
- Looking to improve long-term profitability, the business segment has completed initiatives to increase the number of direct-to-market channels, including termination of third-party sales representative and distribution agreements, as well as restructuring customer commercial agreements.
- As a result, Bombardier (OTCQX:BDRBF, OTCQX:BDRAF) will incur pre-tax special charges of $278M in Q4 of 2015, of which approximately $145M is non-cash. Of the cash impact, approximately $50M was disbursed in Q4 2015 and the balance will be paid in 2016.
Tue, Jan. 5, 11:15 AM| Tue, Jan. 5, 11:15 AM
Mon, Jan. 4, 7:06 PM
- Bombardier (OTCQX:BDRBF +1.5%, OTCQX:BDRAF +3.9%) -- in the midst of receiving a lifeline from the Quebec government -- is a "key anchor firm for Canada's aerospace industry," says a memo from Prime Minister Justin Trudeau's transition team that comes as it weighs financial aid for the struggling firm.
- Quebec has been seeking a match from the federal government for its $1B in aid to the company.
- The memo acknowledges that the global economy is competitive and strategic sectors like aerospace (a "'pay to play' industry") often see "significant levels of government support."
- Bombardier CEO Alain Bellemare said on Dec. 18 (when the company's CSeries craft was certified by Canada's regulators) that he saw good progress in talks with the government.
Dec. 31, 2015, 8:56 AM
Dec. 29, 2015, 10:07 AM| Dec. 29, 2015, 10:07 AM
Dec. 21, 2015, 5:58 PM
- Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) appears prepared to cut prices on the CSeries jetliner as a way to end ~15 months without a firm order for the new single-aisle jetliner, based on comments by Fred Cromer, president of the company’s commercial aircraft unit.
- Any new customer is "going to expect an aggressive deal," Cromer says, signaling a shift in how Bombardier is marketing its biggest aircraft ever.
- Former CEO Pierre Beaudoin "was adamant that if you start pricing the plane at a big discount, it’s hard to ever get that back,” says AltaCorp Capital analyst Chris Murray. “His position was that customers would just recognize the value of the plane and pay up [but] that’s not what happened."
- The company last booked a firm sale in September of last year, when a unit of Australia’s Macquarie Group agreed to buy 40 of the jets.
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