MONTREAL – Media magnate Pierre Karl Péladeau has failed to seize effective control of the board of Transat A.T. Inc. after shareholders rejected his bid on Tuesday.
At the travel company’s annual meeting in downtown Montreal, the Quebecor CEO proved unable to convince fellow shareholders to back his proposal to install himself and two associates on a slimmed-down board where they would comprise half of the directors.
Péladeau, whose investment firm Financière Outremont Inc. holds the second-largest stake in Transat at 9.5 per cent, called in December for an overhaul as well as a strategic review and balance sheet restructuring in the wake of a five-year share price decline that tops 50 per cent.
But the odds seemed stacked against Péladeau after several institutional shareholders and proxy advisers came out in favour of Transat’s slate of director nominees.
Quebec workers’ fund the Fonds de solidarité FTQ and provincial pension fund manager Caisse de dépôt et placement — two of Transat’s top shareholders — had said they opposed Péladeau’s proposal.
Likewise, Glass Lewis and Institutional Shareholder Services both recommended that stockholders vote against Péladeau’s plan.
This report by The Canadian Press was first published March 10, 2026.
Companies in this story: (TSX:TRZ)
