CP Air and Nordair agreed in principle to merge.
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Under the proposal, which was approved by directors of both firms, outstanding shares of Nordair common stock will be exchanged for CP Air preferred shares with a stated value of $43 million, or $17.57 per share. The transaction is subject to approval by shareholders of both firms and by the Canadian Transport Commission. CP Air, a subsidiary of Canadian Pacific Ltd., said it hopes to complete the merger by the end of the year.
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