BUSINESS

Bombardier's CSeries Jet Program May Be Taken Over By Ottawa, Quebec: Minister

02/25/2016 03:55 EST | Updated 02/25/2017 05:12 EST
Bombardier
MONTREAL — Ottawa and Quebec would control Bombardier's CSeries if the federal government joins the province in contributing US$1 billion to the troubled jet program, Quebec's transport minister said.

Quebec has secured a 49.5 per cent stake in the CSeries and two of five seats on a separate board after agreeing in October to the financial contribution.

The Montreal-based aircraft manufacturer would hold the three remaining seats and have the right to appoint the subsidiary's chairman.

jacques daoust

Quebec Transport Minister Jacques Daoust says the federal government and Quebec would control Bombardier's CSeries jet program if Ottawa joins in a bailout of the company. (Canadian Press photo)

However, Ottawa would gain two additional seats on an expanded seven-person board if the federal government ponies up additional money, Jacques Daoust said in an interview with Radio-Canada.

Bombardier declined to comment on the minister's statement but said former Quebec premier Daniel Johnson would head the CSeries board.

The Liberal government has said it was continuing to evaluate the request for funding.

The narrow-body CSeries planes, which are two years late and overbudget at US$5.4 billion, are set to enter into service in the coming months.