HAL is major beneficiary of latest Indian procurement approvals
India has approved millions of dollars in new military purchases, most of which will go to public sector companies.
European Commission authorises Vueling/Clickair merger
The European Commission’s Directorate General for Competition has issued today the necessary authorisation for Vueling and Clickair to continue their merger process. With the move being ostensibly seeing Clickair disappear into the Vueling brand, the EC's authorisation enables further progress of the integration.
The operation is structured as a union of equals, leading to Clickair’s statutory merge into Vueling, by way of the former’s extinction and the latter’s capital increase. The emerging society’s shares will keep their listing in those stock markets where Vueling shares are currently trading, and the new airline will be headquartered in Barcelona. No announcement has been made as to who will lead the airline, though current Clickair CEO Alex Cruz is viewed as the favourite to take the role.
The merger operation will see the new Vueling double its size to become the leading airline in its Barcelona and Seville bases, as well as in other Spanish airports, and to reinforce its presence in international markets.
The two companies will work toether to prepare a commercial programme that, in the shortest possible time, will make available to customers a combined offer into the 2009 summer season. Customers of each airline will thus benefit from expanded choice within one of the lowest cost-bases in Europe. The improvement of choice is also designed to attract new customers.
Vueling says its forecast to reach profitability from 2009 onwards is significantly reinforced with this operation.
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