All In The Bombardier Family

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Bombardier Inc. chairman Laurent Beaudoin said his family has no plans to give up control of the world's third-largest aircraft manufacturer as he seeks to reduce debt and return the company to profitability.

"The Bombardier family is and intends to remain the corporation's majority shareholder," Beaudoin, who married into the family, told shareholders at Bombardier's annual meeting in Montreal. "We are convinced that the interests of all shareholders will thus be better served and protected."

The Bombardier family has 58 percent of the voting rights and a 17-percent stake in the Montreal-based company.

The family is related to Joseph Armand Bombardier, who founded the company in 1942 as a snowmobile manufacturer. Bombardier CEO Paul Tellier is selling that business, which also makes boats and all-terrain vehicles, as part of plans to raise more than 1.5 billion Canadian dollars for Bombardier.