Air Canada warning prompts Fidelity to sell some airline stock

Article Abstract:

Fund manager Fidelity Management and Research Co of Boston, MA, has sold sold some of its holdings in Air Canada following a warning from the airline that it has violated federal ownership restrictions. The fund manager has earlier announced that different funds and accounts under its management have amassed a combined interest of 10.02% in Air Canada. The airline warned that a federal law restricts any single or affiliated group to own more than 10% of Air Canada's outstanding stock.

Asset sales & divestitures, Mutual Fund Mgmt Companies, Portfolio Management, Mutual funds

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Air Canada stock takes flight

Article Abstract:

The stock of Air Canada jumped by C$1.05 or 11% on Sep 9, 1999 to a 16- month high of C$10.70 on a volume which was more than 10 times that of daily average. Huge purchases by a group of securities firms prompted speculations that an unidentified bidder is accumulating stock to prepare competing bid to rival Onex Corp's proposal. Among the major buyers were Nesbitt Burns Inc, HSBC Securities Ltd, CT Securities Ltd. and Bunting Warburg Dillon Read Inc.

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