Etihad fails in meeting Swiss rules to buy Darwin stake
25/08/2014 9:15 am EDT


share with your network:




Switzerland’s Federal Office of Civil Aviation (FOCA) have warned that Etihad Airways’ plan to purchase a third of Switzerland’s Darwin Airline does not meet legal requirements to be approved, as foreign stakes in European airlines come under increasing scrutiny. FOCA said that Darwin, rebranded as Etihad Regional, has until September 30 to make changes to the agreement, which would then undergo a second review, Reuters reported. FOCA examined whether the deal complied with rules that the majority of Darwin shares must be owned by Swiss or EU citizens, who must also effectively control the airline. Etihad, the national airline of the United Arab Emirates, plans to acquire a 33.3% stake in Darwin, adding to its portfolio of minority stakes in global airlines, but the FOCA said the deal as it stands would nevertheless give Etihad effective control over the Swiss carrier.

About the Author



share with your network:


Share your view



© 1996-2015 Media quest FZ LLC A media and entertainment company
Middle East Main Office
[email protected]
© 2015 Dubai Business | Ameinfo . All rights Reserved.