Tag Archives: Dubai

TNT Express stockholders approve the FedEx offer to acquire TNT

TNT Express (TNT Express N.V.) (TNT Airways) (Hoofddorp, Netherlands) stockholders today (October 5) approved the acquisition offer of FedEx Corporation (FedEx Express) (Memphis). The company issued this statement:

TNT Express logo

TNT Express N.V. (“TNT Express”) announces that the Extraordinary General Meeting of Shareholders (“EGM”) was held today, as per the agenda dated August 21, 2015.

At the EGM, the shareholders discussed the recommended public offer by FedEx Acquisition B.V., an indirect wholly-owned subsidiary of FedEx Corporation, for all issued and outstanding ordinary shares including ordinary shares represented by American depositary shares of TNT Express. The Executive Board and Supervisory Board of TNT Express restated their support and recommendation for FedEx’s offer, which is set to provide compelling benefits and opportunities to TNT’s customers, employees and shareholders. Accordingly, the Boards recommended to shareholders to tender their shares pursuant to the offer.

Furthermore, the general meeting resolved to adopt the following resolutions:

  • Conditional Asset Sale and Liquidation
  • Conditional amendment of TNT Express’ articles of association as per the Settlement Date
  • Conditional conversion of TNT Express in a B.V. and amendment of the Articles of Association as per the date of delisting from Euronext Amsterdam and pursuant to the conversion
  • Conditional appointment of Mr. D. Cunningham as member of the Supervisory Board as per the Settlement Date
  • Conditional appointment of Ms. C.P. Richards as member of the Supervisory Board as per the Settlement Date
  • Conditional appointment of Mr. D. Bronczek as member of the Supervisory Board as per the Settlement Date
  • Conditional appointment of Mr. D. Binks as member of the Executive Board as per the Settlement Date
  • Conditional appointment of Mr. M. Allen as member of the Executive Board as per the Settlement Date
  • Conditional amendment of the 2014 remuneration policy of the Executive Board to make changes to the remuneration of Mr. De Vries as per the Settlement Date
  • Conditional granting of full and final discharge from liability to all members of the Supervisory Board for their functioning until the date of the EGM, as per the Settlement Date: Mr A. Burgmans, Mr. S. Levy, Ms. M.E. Harris, Mr. R. King, Ms. M.A. Scheltema and Mr. S.S. Vollebregt
  • Conditional granting of full and final discharge from liability to all members of the Executive Board for their functioning until the date of the EGM, as per the Settlement Date: Mr L.W. Gunning and Mr. M.J. de Vries

As a result, FedEx Corporation issued this statement:

FedEx Corporation logo

FedEx Corporation has taken note of TNT Express N.V.’s (TNT Express) press release in relation to the Extraordinary General Meeting that took place today (the EGM) confirming that the shareholders of TNT Express approved all of the resolutions on the agenda. This release is made in connection with the recommended public offer by FedEx Acquisition B.V. (the Offeror) for all of the issued and outstanding ordinary shares in the capital of TNT Express, including all ordinary shares represented by American depositary shares (the Offer), as more fully described in the Offer Document.

“We appreciate that the shareholders of TNT Express approved the resolutions of TNT Express’ Extraordinary General Meeting,” said David Binks, Regional President Europe, FedEx Express. “We believe the combination of these two great companies will provide significant value to the employees, customers and shareowners of both TNT Express and FedEx, and we continue to work constructively with the regulatory authorities around the world to obtain clearance of the acquisition.”

EGM Resolutions and Offer Period

The Asset Sale and Liquidation Resolutions, the Conversion Resolution and the Governance Resolutions are conditional on the Offer being declared unconditional and the Settlement thereof. The Asset Sale and Liquidation Resolutions are also conditional upon the number of Shares tendered under the Offer, together with those Shares held by or committed to the Offeror or its affiliates and the Shares to which the Offeror or its affiliates are entitled, being less than 95% but at least 80% of TNT Express’ aggregate issued and outstanding ordinary share capital.

As a result of the Asset Sale and Liquidation Resolutions and the Conversion Resolution having been adopted, under the terms and subject to the conditions of the Offer, the minimum acceptance condition of the Offer will be 80% (and not 95%) of TNT’s aggregate issued and outstanding ordinary share capital, on a fully diluted basis, as of the time and date on which the Offer expires.

As previously announced, the Acceptance Period under the Offer is currently scheduled to expire at 17:40 hours CET (11:40 a.m. New York time) on October 30, 2015, unless extended in accordance with the terms of the Offer. FedEx and TNT Express are on track to obtain all necessary approvals and competition clearances.

The Combination presents a highly pro-competitive proposition for the provision of small package delivery services within and outside Europe. The networks of TNT Express and FedEx are largely complementary, given that FedEx’s strength is providing U.S. domestic and extra-EEA international services, while TNT Express’ focus is on providing intra-European services. The Combination would allow the parties to sell a more competitive e-commerce offering in the market, which should benefit consumers and SMEs in Europe and beyond. Based on the required steps and procedures in Europe, Brazil, China and other jurisdictions around the world, however, some of the approvals and competition clearances could be received after October 30, 2015. This would cause the Acceptance Period to be extended. In accordance with the terms and conditions in the Offer Document, the Offeror will announce any such extension by press release no later than three Dutch business days following the expiry of the current Acceptance Period.

European Commission logo

In April 2015, FedEx announced its intention to buy TNT Express for €4.4 billion ($4.8 billion; £3.2 billion), as it looks to expand its operations in Europe. The European Commission launched its investigation into the planned acquisition on July 31, 2015. The EC will decide by December 7, 2015.

Copyright Photo: Paul Denton/AirlinersGallery.com. TNT Airways Boeing 777-FHT OO-TSB (msn 39266) approaches the runway at Dubai.

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Emirates will now operate the last Airbus A340-500 flight on October 3

Emirates (Dubai) will now operate the last Airbus A340-500 revenue flight on October 3 (extended from September 30) per Airline Route.

The last flight will be EK 641 from Kabul, Afghanistan to Dubai arriving at DXB at 1620 (4:20 pm) local time.

Copyright Photo: Paul Denton/AirlinersGallery.com. Airbus A340-541 A6-ERH (msn 611) arrives back at the Dubai hub.

Emirates aircraft slide show: AG Airline Slide Show

Airline Aircraft Type Endangered Species List (click on the photo link below for the full list with details): 

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Oman Air to lease 14 aircraft from ALC including a new Boeing 787-9

Oman Air (Muscat) and Air Lease Corporation (Los Angeles) have announced long term lease agreements for 14 jet aircraft. The lease agreements cover three new Boeing 737-800s, seven new Boeing 737 MAX 8s, and one new Boeing 787-9, all from ALC’s order book with Boeing. This transaction also includes one used Boeing 737-700 (msn 33103) and two used Boeing 737-800 aircraft (msns 33104 and 34242). The deliveries are scheduled to begin in 2015 and continue through to 2019.

Oman Air’s Chief Financial Officer, Japeen Shah, said, “We are very pleased to sign these agreements with Air Lease Corporation. They enable Oman Air to continue its ambitious fleet and network expansion program, and deliver even greater choice and convenience for our customers. Our expansion plan will see Oman Air’s fleet expand to 57 aircraft by 2018, and to 70 aircraft by 2020. This agreement represents a significant step towards achieving our strategic aims. Furthermore, Air Lease Corporation is at the forefront of the aircraft leasing industry and shares Oman Air’s commitment to realising excellence in all aspects of its work. We look forward to a fruitful partnership.”

Oman Air logo-1

Oman Air’s increased fleet size is enabling it to offer even more exciting destinations within its global network. Over recent months, new services have been launched to Manila, Jakarta, Goa and Singapore. Further new services will be announced closer to the time of their launch, and are expected to include, amongst others, destinations in Bangladesh and China.

Copyright Photo: Paul Denton/AirlinersGallery.com. Boeing 737-8Q8 WL A40-BN (msn 30652) arrives in Dubai.

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Emirates to launch the world’s longest air route

Emirates (Dubai) has announced plans to launch services to Panama City, beginning February 1, 2016.

The new service will be the longest nonstop flight in the world (17 hours 35 minutes in the westbound direction) and will be Emirates’ first gateway destination in Central America.

Service to Panama City, Panama’s capital and largest city by population, will commence with a daily flight operated by a Boeing 777-200 LR aircraft in a 3-class layout – 8 in First, 42 in Business, and 216 in Economy. The aircraft can carry up to 15 tons of cargo. Key imports to the country include pharmaceuticals, machinery products, iron/steel rods, and electronics. Service to Panama City will operate through Tocumen International Airport (PTY).

Later this year, Emirates will be adding four additional routes to its global network including Mashhad, Iran and Orlando in September; Bamako, Mali in October; and Bologna in November.
Service to Panama City to begin on February 1, 2016

Emirates flight EK251 will depart Dubai at 08:05 and arrive in Panama City at 16:40 daily. The return flight EK252 will leave Panama City at 22:10, arriving in Dubai at 22:55 the next day.

Copyright Photo: Michael B. Ing/AirlinersGallery.com. Boeing 777-21H LR (Longer Range) A6-EWH (msn 35587) departs from Los Angeles International Airport (LAX).

Emirates aircraft slide show: AG Airline Slide Show

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Austrian Airlines is dropping the Vienna – Dubai route

Austrian Airlines (Vienna) will drop the nonstop Vienna – Dubai route due to “over capacity” and the route is “unsustainable” for the carrier.

The airline issued this statement:

Austrian (2015) logo

Austrian Airlines will no longer offer direct flights to Dubai. Passengers of the Lufthansa Group will still be able to reach this city in the United Arab Emirates (UAE) in the future by flying via Frankfurt, Zurich or Munich. The over capacity, built up in recent years, resulted in fierce price competition as up to 800 seats per day were on offer. This ultimately made the Vienna-Dubai route unsustainable for Austrian Airlines.

Austrian Airlines has been offering flight service to the largest city in the UAE since 1996. The last Austrian Airlines flight will take place on September 13, 2015 from Vienna to Dubai, and from Dubai to Vienna on September 14, 2015.

“Unfortunately, the Vienna-Dubai route has become unsustainable for us. The capacities which will become available will be deployed for attractive, new destinations, such as Miami, Mauritius and Colombo in Sri Lanka starting in October“, says Austrian Airlines CCO Andreas Otto.

As of October 16, 2015, Austrian Airlines will operate flights to Miami in the USA five times per week. Starting October 27, 2015, the national carrier will fly every Tuesday to Colombo, the capital of Sri Lanka. And from October 29, 2015 onwards, Austrian Airlines will offer nonstop flight service twice a week to Mauritius.

Copyright Photo: Gabor Hajdufi/AirlinersGallery.com. Boeing 767-3Z9 ER OE-LAZ (msn 30331) departs from the Vienna hub.

Austrian Airlines aircraft slide show: AG Airline Slide Show

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Virgin Atlantic to operate the Boeing 787-9 from London to Dubai

Virgin Atlantic Airways (London) will start using the new Boeing 787-9 Dreamliner on the daily London (Heathrow) – Dubai route commencing on July 21, 2016 according to Airline Route.

Copyright Photo: AirlinersGallery.com. Virgin Atlantic’s Boeing 787-9 G-VAHH (msn 37967) named “Dream Girl” taxies at London’s Heathrow Airport.

Virgin Atlantic aircraft slide show: AG Airline Slide Show

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Emirates to inaugurate the Orlando route with a one-time Airbus A380 flight

Emirates (Dubai) has decided to enter the Orlando market with a big impression. The fast-growing airline has decided to substitute the larger Airbus A380 for the regular Boeing 777-200 LR on the inaugural flight scheduled for September 1 according to Airline Route.

Copyright Photo: AirlinersGallery.com.

Emirates aircraft slide show: AG Airline Slide Show

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