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Notice from DAE under Merger Implementation
Notice from DAE under Merger Implementation Agreement
Auckland International Airport Limited (Auckland Airport) advises that last night it received a notice from Dubai Aerospace Enterprise (DAE) Limited (DAE) under the Merger Implementation Agreement (MIA) dated 22 July 2007 between the parties
The notice claims that the recent legal proceedings filed by Air New Zealand seeking judicial review of Auckland Airport’s recent aeronautical pricing process constitute a "Prescribed Occurrence" under the MIA.
In accordance with clause 2.3(a) of the MIA, the good faith consultation period of five business days required under that clause will now commence. If the parties are unable to reach agreement by the end of the consultation period, either party may terminate the MIA.
Auckland Airport disputes the existence of a "Prescribed Occurrence" and does not consider that DAE has grounds to issue such a notice.
DAE has also claimed that AIAL is in material breach of its obligations under clause 9.1(a) of the MIA by not using its best endeavours to ensure a successful outcome to the proposal. AIAL also disputes this claim.
Auckland Airport will keep the market fully informed as soon as further details are available.
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