Bombardier Inc. will announce its first-quarter results before markets open on Thursday and hold its annual general meeting at its Mirabel Facility in Quebec on Friday.
C Series orders
Bombardier is poised to announce a multibillion-dollar order for up to 125 C Series aircraft from U.S. carrier Delta Air Lines together with its first-quarter results, according to a person familiar with the matter. The company is also waiting for Air Canada to firm up its letter of intent on an order for as many as 75 C Series planes, which could come Friday. The developments would breathe new life into the struggling C Series program, spurring other airlines now waiting on the sidelines to consider the airplane. With the orders, Bombardier would cement the first five years of C Series production, brightening its overall outlook and silencing doubters who argued it wouldn't be able to sell the plane against aggressive tactics by rivals Boeing and Airbus.
Pension fund giants Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan have signalled they will back a proposal by shareholder rights group Médac at Bombardier's annual shareholders meeting that the company disclose voting results by share class. Currently, the voting results are disclosed after being pooled together – a practice that makesing it impossible to tell whether concerns of subordinate shareholders are aligned with those of the Beaudoin-Bombardier family, who control the plane and train maker through a special class of multivoting shares. The company opposes Médac's proposal. The pension funds are also against proposed amendments to Bombardier's stock option plan and its 2010 deferred share unit plan.
Details on federal aid request
Bombardier has said precious little on the subject since it made a formal $1-billion (U.S.) investment request to the Canadian government last December for its C Series program. Ottawa has signalled it wants to help but the two parties are at odds over the company's dual-class share structure and other items, according to people familiar with the talks. The discussions continue but it's unclear whether an agreement will be reached. Quebec is also in the mix, with its own $1-billion investment in the C Series program.