Air Canada has sent a letter to the Canadian Transportation Agency (CTA) challenging the proposed takeover of rival WestJet by Onex Corp. The challenge has come on the grounds of foreign ownership rules, The Canadian Press has reported.  Toronto-based Onex, agreed in May to buy WestJet in a cash deal and take the company private. The acquisition was valued at $5 billion including debt. The report says that Air Canada has pointed out that due to the “opaque structure” and “flexibility” of Onex’s capital structure, there is a risk that the majority of co-investors in Kestrel Bidco, the subsidiary buying WestJet, will

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