Jet Airways-Etihad Airways deal to end this month: Sources The much awaited Jet -Etihad deal is likely to be completed this month, exclusive sources told CNBC-TV18. The deal, say sources will get the Cabinet Committee on Economic Affairs nod soon. The deal has already missed its original deadline of July 31 and the two parties are now keen to complete it before the new deadline of August 31 and their rush is evident from their legal and regulatory advisors working over time on weekends as well, he added. Read This: Jet-Etihad deal eyes Sebi, CCI approvals As per the new deal, the direct and indirect control of the airline would remain with Naresh Goyal, while Etihad would not get any excess power beyond its 24 per cent stake. However, there are no changes in the proposed shareholding structure of Goyal holding the majority 51 per cent stake, Etihad having 24 per cent and the remaining 25 per cent with the public shareholders including institutional and retail investors. Late last month, the Foreign Investment Promotion Board (FIPB) permitted Jet Air to sell 24 percent stake Abu-Dhabi’s Etihad for over Rs 2,000 crore, subject to conditions. Meanwhile, it is also learnt that Etihad will nominate three executives on Jet Board and CEO James Hogan (Etihad) may be one of the nominees. Jet Board expansion is likely post completion of the deal. Etihad is also likely to appoint senior executives for nomination committee. Jet Air and Etihad executives are also expected to meet government officials this week.
Posted on: Wed, 07 Aug 2013 10:22:05 +0000
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