6 September 2007 LAWFUEL – The Legal Newswire – Termination of the Merger Implementation Agreement with DAE
Auckland International Airport Limited (AIAL) and Dubai Aerospace Enterprise (DAE) Ltd (DAE) announced today that AIAL and DAE have completed the consultation process required under the Merger Implementation Agreement (MIA). AIAL and DAE have determined that, in light of the circumstances, they have no alternative but to terminate the MIA on a mutually acceptable basis, including that each party bears its own costs.
In light of recent developments, DAE regrets that, notwithstanding the best efforts of the board of AIAL, the transaction could not proceed in the form proposed.
Kjeld Binger, Chief Executive Officer of DAE Airports, said: “DAE regrets that the opportunity to do business with AIAL did not eventuate on this occasion and wishes John Maasland and his team at AIAL well.”
Each of AIAL and DAE advise that they will be making no further comment in relation to these issues.