Airbus nails down Bombardier CSeries deal in boost to jet

Airbus has finalized a rescue deal for Bombardier’s CSeries jet and is expected to flex its cost-cutting and marketing muscle to revive the money-losing Canadian venture. Bombardier agreed in October to sell Airbus a 50.01% stake in its flagship commercial jet for a token fee of one Canadian dollar, after sluggish sales and low production rates pushed the program well over budget. Airbus will be able to offer airlines deals by packaging the CSeries with its own jets in a challenge to rival Boeing and is expected to use its industrial power to slash the price of parts and improve efficiencies internally. After winning regulatory approvals and agreeing on the fine print of the deal late on Thursday, the two companies said they were ready to start the new tie-up formally on July 1. The deal’s completion finalizes a historic shift in the aircraft industry, with 75-year-old Bombardier abandoning its standalone bid to enter the main jet market dominated by Airbus and Boeing, in exchange for a stake in a stronger project.<br/>