Bombardier in talks to sell business-jet unit to Textron: WSJ

(Reuters) – Canada’s Bombardier Inc (TO:) is in talks to sell its business-jet unit to U.S. maker of Cessna jets, Textron Inc (N:), the Wall Street Journal reported https://www.wsj.com/articles/bombardier-in-talks-to-sell-business-jet-unit-to-textron-11580835712?mod=searchresults&page=1&pos=2, citing people familiar with the matter.

The move will help the struggling Canadian train and plane maker to pare its billion of dollars in debts, the report said.

Bombardier’s shares have plunge more than 30% so far this year. On Jan 16, it flagged a 2019 profit warning, citing problematic rail contracts, as well as warned of a potential write down in the value of a plane partnership with Europe’s planemaker Airbus (PA:).

Bombardier declined comment on the WSJ report, but a source familiar with the company’s thinking told Reuters it was holding talks over both rail and aviation assets to keep all its options open.

Textron also declined to comment.

Shares of Textron rose more than 9%, while those of Bombardier’s were up over 10%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.