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OFFON

MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Onex Corporation    ONEX   CA68272K1030

ONEX CORPORATION

(ONEX)
  Report
Delayed Quote. Delayed Toronto Stock Exchange - 12/02 04:00:00 pm
71.27 CAD   +2.27%
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11/20Delta, WestJet scrap planned joint venture after U.S. demands
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U.S. tentatively approves Delta, WestJet alliance

10/23/2020 | 06:25pm EST
Delta Air Lines passenger planes parked in Birmingham

WASHINGTON/MONTREAL (Reuters) - The U.S. Transportation Department said on Friday it had tentatively approved a proposed alliance agreement between Delta Air Lines and Canada's WestJet that is expected to expand travel options between the United States and Canada.

The department said as part of its tentative antitrust immunity approval it would require the carriers to remove Swoop, an ultra low-cost carrier affiliate of WestJet, from the alliance, and divest 16 takeoff and landing slots at New York's LaGuardia Airport.

The department also proposes to require WestJet to provide interline access to select carriers flying to Canada, and to review the proposed alliance in five years. Interline agreements allow consumers to fly to destinations using both airlines.

The Delta-WestJet joint venture would have a combined 27%share of scheduled air carrier transborder capacity, while the dominant carrier, Air Canada, would have 45%.

WestJet, which is owned by private equity firm Onex Corp, welcomed the tentative approval, saying the two carriers are reviewing the order "and will respond."

The carriers said the proposed alliance "would optimize aircraft utilization, enhance schedules, and lower costs."

Canada, with 38 million people, is the second-largest U.S. international passenger air market after Mexico, with Toronto flights accounting for over 50% of transborder air travel demand.

U.S.-Canada transborder flight capacity has grown 15% over the last five years to 39 million seats annually.

The department said competition is not as healthy for U.S.-Canada flights versus transborder U.S. flights to Mexico, noting comparable U.S.-Canadian flight fares are 12% higher.

Air carriers had urged slot divestitures at New York's LaGuardia, noting American Airlines, Delta and United Air Lines control 83% of all slots, with Delta controlling 45% of flights.

New York-Toronto flights account for 6% of all U.S.-Canadian flights and the route is the second largest U.S. international air travel market.

(Reporting by David Shepardson in Washington and Allison Lampert in Montreal; Editing by Chris Reese and Richard Chang)

By David Shepardson and Allison Lampert


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AIR CANADA 3.11% 25.89 Delayed Quote.-48.24%
AMERICAN AIRLINES GROUP INC. 4.13% 14.86 Delayed Quote.-48.19%
DELTA AIR LINES, INC. 2.78% 41.07 Delayed Quote.-29.77%
ONEX CORPORATION 2.27% 71.27 Delayed Quote.-13.27%
All news about ONEX CORPORATION
12/01GLOBAL MARKETS LIVE: Bank of America, Pfizer, Tesla…
12/01Onex Partners Announces Secondary Sale of SIG Combibloc
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11/20Delta, WestJet scrap planned joint venture after U.S. demands
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11/18ONEX : Convex Group Raises $1 Billion of Additional Capital
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11/17ONEX : Convex Group Raises $1 Billion of Additional Capital
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11/17Convex Group Raises $1 Billion of Additional Capital
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11/17ONEX : Completes Majority Investment in One Digital
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11/16ONEX : Completes Majority Investment in OneDigital
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11/16Onex Completes Majority Investment in OneDigital
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11/16ONEX : Reports Third-Quarter 2020 Results
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Financials
Sales 2020 331 M 256 M 256 M
Net income 2020 - - -
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 1,13%
Capitalization 6 292 M 4 863 M 4 867 M
Capi. / Sales 2020 19,0x
Capi. / Sales 2021 7,96x
Nbr of Employees 207 000
Free-Float 83,8%
Chart ONEX CORPORATION
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Technical analysis trends ONEX CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Average target price 85,90 CAD
Last Close Price 69,69 CAD
Spread / Highest target 32,7%
Spread / Average Target 23,3%
Spread / Lowest Target 16,2%
Managers
NameTitle
Gerald W. Schwartz Chairman & Chief Executive Officer
Robert M. Le Blanc President
Mira Newport Managing Director-Business Solutions & Operations
Christopher Allan Govan Chief Financial Officer & Senior Managing Director
Natasha Giannopoulos Managing Director-Information Technology
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