Bombardier not interested in offer

Bombardier Aerospace has dismissed an unsolicited offer to purchase up to 20 million of the Canadian group's shares at below market price by a Toronto-based investment firm.

TRC Capital Corporation placed a mini-tender offer with the Toronto Stock Exchange earlier this week to purchase less than 2 per cent of the group's stock. The group said the offer had no consequences for its business.

Bombardier is the North's largest private sector employer. Although it has laid off around 1,000 people in the last six months, it still employs over 6,000 people.

The Canadian aerospace giant's share price has almost halved since the US terror attacks last year.

In the immediate aftermath of September 11th, Bombardier's share price fell to $US10 from a high of between $20 and $25. The group's share price is currently averaging over $9, while TRC Capital Corporation's bid was equivalent to $8 per share.

Bombardier has issued a circular to shareholders stating that it did not recommend or endorse the unsolicited offer from TRC.

Earlier this week, the group said it had received 15 letters of intent to buy its new Global 5000 intercontinental business jet.

Bombardier's Belfast operations specialise in the design and manufacture of fuselages, nacelles and composite structures for the group's family of regional and business jets.

Sir Reg Empey, the North's Minister for Enterprise, Trade and Investment, has said talks are also under way that could help safeguard aerospace jobs in Co Down.

American-owned B/E Aerospace, which makes aircraft seats, had warned the downturn in global aviation could impact adversely on its 300-strong workforce in Kilkeel. But the group has decided to transfer production of airplane seats from a plant in Litchfield in the United States to Kilkeel.

Sir Reg said: "I welcome the safeguarding of jobs at Kilkeel. The Industrial Development Board is continuing to talk to the company about its future plans."