Mumbai: Singapore Airlines announced on Thursday that it is in “Confidential negotiation” with Tata Group for the proposed merger of Vistara and Air India.
It is noted that recently Tata Group has acquired Air India from the government. Tata Group controls the majority 51 per cent stake in Vistara while 49 per cent of the share is controlled by Singapore Airlines.
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Singapore Airlines Limited (SIA) said, “SIA is currently in confidential discussions with Tata to explore a potential transaction in relation to the securities of Vistara and Air India Ltd, a subsidiary of Tata (the “Potential Transaction”). The discussions seek to deepen the existing partnership between SIA and Tata, and may include a potential integration of Vistara and Air India.”
The discussions are ongoing and no definitive terms have been agreed upon between the parties. There is no certainty or assurance whatsoever that (a) any definitive agreement will be entered into or (b) the Potential Transaction will materialize or proceed to completion arising from these discussions. Even if a transaction were to materialize, it would be subject to the relevant regulatory approvals, amongst other matters, it said. (Frogbones)
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The Company will make the necessary announcements as appropriate or when there are any material developments regarding the Potential Transaction in compliance with the relevant provisions of the Listing Manual of the Singapore Exchange Securities Trading Limited, Singapore Airlines noted in the statement.
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