Quebec Billionaire Peladeau Takes Another Run at Transat

Quebec media tycoon Pierre Karl Peladeau is demanding a board shakeup, leadership overhaul and a seat on the board of Transat A.T. Inc.

Peladeau has a long history with Transat, and the CEO of Quebecor Inc. is the company’s second-largest shareholder through his investment firm Financiere Outremont Inc., which owns 9.5% of the company. He attempted to purchase Transat back in December, 2020, matching a low-ball bid by Air Canada in the depths of the pandemic. 

In a press release, Peladeau said Transat’s balance sheet is “broken.” He called for the company’s board to be reduced to six directors — with him among three new members — from 11 currently. The other two proposed board members are pollster and economist Jean-Marc Leger and Quebecor vice-chair Andre Brosseau.

“These actions are necessary to demonstrate the board’s commitment to creating value for shareholders and other stakeholders, and to reassure key stakeholders that the company’s strategy has been realigned under improved and robust oversight,” Peladeau said.

He called for Transat to hold a special shareholder meeting by February 6, 2026 to vote on the proposals.

Transat responded with its own press release.

“While we do not typically comment on discussions with individual shareholders, multiple directors have recently met with Mr. Peladeau and his team to explore constructive solutions, including potential changes to the company’s board composition,” the company said.

Transat has struggled to achieve profit for several years in a highly competitive market. The company piled on debt during the pandemic years. It received some relief earlier this year by restructuring its debt with the federal government, in a deal that forgave hundreds of millions of dollars owed.

Transat has also been plagued by engine recalls that have sidelined some of its planes. It is also facing a potential pilot strike that could begin as early as next week.