Mumbai: To ensure their deal passes muster with the Securities and Exchange Board of India (Sebi), Etihad Airways and Jet Airways have agreed to give up some of the initial arrangements. Among other things, they have dropped the requirement that Jet make Abu Dhabi in the United Arab Emirates (UAE) the exclusive hub for its flights to the Americas and Africa, to convince the market regulator the two airlines were not acting in concert and Etihad would not have joint control over the airline.
On Thursday, Sebi said Etihad's acquisition of a 24 per cent stake in Jet didn't warrant an open offer, as "effective control" remained with Indians and the Jet board of directors. Last year, Etihad bought the stake for Rs 2,057 crore.
Etihad and Jet have diluted parts of the commercial co-operation and shareholder agreements to gain the regulator's nod. These amendments came after Sebi served a notice to Etihad in February.
12/05/14 Business Standard
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On Thursday, Sebi said Etihad's acquisition of a 24 per cent stake in Jet didn't warrant an open offer, as "effective control" remained with Indians and the Jet board of directors. Last year, Etihad bought the stake for Rs 2,057 crore.
Etihad and Jet have diluted parts of the commercial co-operation and shareholder agreements to gain the regulator's nod. These amendments came after Sebi served a notice to Etihad in February.
12/05/14 Business Standard
