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WestJet share issue raises speculation of a planned acquisition

WestJet announced plans to raise up to CAD172.5 million (USD160 million) in a share issue to help it fund future aircraft financing activities and for “general corporate purposes”. The unexpected share issue, which will reportedly dilute the carrier’s shares by approximately 12%, has fuelled speculation that WestJet is readying for its first acquisition. WestJet had a healthy cash balance of USD687 million as at Jun-2009.

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