Air Canada dropped its takeover of vacation operator Transat AT Inc because it couldn’t convince European regulators to approve the deal on acceptable terms. Canada’s largest airline said it offered a “significant package of remedies” to satisfy the European Commission’s concerns that the merger would reduce competition on flights between EU countries and Canada. “It has become evident, however, that the EC will not approve the acquisition based on the currently offered remedy package,” Air Canada said in a statement on Friday. The Montreal-based airline said “providing additional, onerous remedies, which may still not secure an EC approval, would significantly compromise Air Canada’s abili
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