Billionaire Peladeau Takes New Run at Canada Airline Transat (1)

Quebec billionaire Pierre Karl Péladeau is pushing for partial control of the board of vacation provider Transat AT Inc., saying the company needs major changes to turn around its share price and fix its balance sheet.

Péladeau’s family office, Financière Outremont Inc., said it has requisitioned an investor meeting and is proposing to cut the board to six directors, including three of its own nominees. The firm said it’s the second-largest shareholder in Transat with a 9.5% stake.

Montreal-based Transat AT owns Air Transat and sells domestic flights within Canada, as well as vacation packages to the Caribbean, Europe ...