- Billionaire hedge fund manager Steven A. Cohen is losing the financial support of Blackstone Group Inc, the largest outside investor in his embattled SAC Capital Advisors, which is yanking much of its client money, according to a letter reviewed by Reuters.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
India's Jet says in stake sale talks with Etihad
NEW DELHI |
NEW DELHI (Reuters) - Jet Airways (JET.NS) said on Thursday that it was in talks with Abu Dhabi's Etihad Airways for a potential stake sale in the Indian carrier, although terms have not been finalized yet.
The statement was the first confirmation of a potential deal by either side, a day after an Indian government source said the Gulf carrier could pay up to $330 million for a 24 percent stake in Jet.
Jet shares surged as much as 6.4 percent on Thursday. The stock has risen 65 percent since India relaxed rules allowing foreign airlines to buy up to a 49 percent stake in local carriers in September.
"Various structures are being explored by the legal and commercial teams," Jet said in a statement to the Bombay Stock Exchange, adding any structure would comply with Indian rules.
The founder of Jet Airways is likely to convert shares owned by its holding company into his personal stake to comply with foreign investment regulations, a government source had said.
Tail Winds Ltd, the Isle of Man-based investment vehicle of Jet founder Naresh Goyal, currently holds 79.99 percent of Jet Airways.
Etihad declined comment.
Etihad and Jet already have a code-sharing agreement, and a tie-up could make Jet a more formidable competitor to state-owned Air India, while strengthening Etihad's position against Dubai-based Emirates Airline EMIRA.UL, which carries a big chunk of the traffic between India and the Middle East.
A deal between Jet and Etihad could shut the door on grounded rival Kingfisher Airlines (KING.NS), which is in desperate need of cash to fly again and was in talks with Etihad to sell a stake.
Etihad's decision to buy into Jet may be announced in 10 days, the same source quoted earlier said on Wednesday.
Etihad, which expanded globally through stake purchases in the likes of Air Berlin (AB1.DE) and Virgin Australia VAX.AX, is looking to extend its geographical reach to India and other Asian markets, its chief executive told Reuters in October.
(Reporting by Anurag Kotoky; Additional reporting by Praveen Menon in DUBAI; Editing by Alex Richardson)
- Tweet this
- Share this
- Digg this