Financière Outremont, the family office of Québec billionaire Pierre Karl Péladeau, has formally requested an extraordinary meeting of shareholders of Air Transat (TS, Montréal Trudeau) to vote on significant board changes, including reducing the board to six members and installing three of its own nominees. Péladeau, who holds 9.5% of Air Transat, argues that Transat’s financial underperformance, woes, and heavy indebtedness have eroded shareholder value and left the company with a weakened balance sheet. Several members of the carrier’s board have met with Péladeau “to explore constructive solutions, including potential changes to the board composition.”

The businessman has sought for years to gain control of Transat, going back to 2019, when Air Canada also attempted to buy the airline. His most recent bid for the Montréal-based company took place in 2025 but was rejected.