Department of Commerce investigation targeting C Series aircraft program

In the wake of the decision by the Department of Commerce to initiate an investigation targeting Bombardier’s C Series aircraft program, Caisse de dépôt et placement du Québec (CDPQ) will prove conclusively that its investments in the company were always done on commercial terms.


CDPQ regrets the Department of Commerce’s decision to initiate an investigation of its market-based commercial investments, but offers its full cooperation to bring the matter to a quick resolution, preventing further disruption of the civil aircraft industry.

CDPQ is a leading institutional investor that seeks to generate the highest possible risk-adjusted returns to meet its fiduciary obligations to its clients. All CDPQ’s investments are commercial in nature and its performance matches that of its Canadian and international peers.

Boeing’s petition mentions two CDPQ investments in Bombardier: its participation in a credit facility for the company in 2009, and its acquisition of a minority interest in Bombardier’s rail division in 2015. The 2009 credit facility was put in place by a syndicate of commercial banks and other institutions, which CDPQ left in November 2013.

Boeing offered no evidence to support the notion that this facility was not concluded on commercial terms or that it conferred a subsidy to Bombardier. CDPQ’s acquisition of a 30 per cent stake in Bombardier’s rail division was completed after extensive due diligence and in consultation with outside advisers. Both the price paid and the terms of the deal are highly commercial in nature and in no way conferred a subsidy to the company.


“The allegations targeting CDPQ are baseless and outrageous. We will refute them while offering our full cooperation to U.S. agencies to bring this matter to a quick and satisfactory resolution,” said Kim Thomassin, executive vice-president, legal affairs and Secretariat of CDPQ.

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