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FINANCIAL NEWS
Etihad alters agreement to buy Swiss airline
25 Aug 2014
(MENAFN) Etihad Airways is making changes to its agreement to acquire a third of Switzerland’s Darwin Airline following objections from Swiss regulator, The Federal Office of Civil Aviation (Foca), Gulf News reported.
The airline was advised last June by Foca that alterations to the agreement was needed in order to secure regulatory approval. Since then, Etihad has been working with Foca and is amending the agreement to insure that it complies with the regulations.
Foca has previously announced that the current agreement can lead to Etihad controlling Darwin Airline and if that ever happens, then it would be incompatible with statutory provisions.
Etihad has till September 30 to make the necessary alterations to the agreement, which will allow it to take the 33.3 percent stake in the Swiss airline.
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