All Nippon Airways to merge Air Japan Co and ANA & JP Express Co

All Nippon Airways Board of Directors announced (02-Apr-2010) plans to merge two of its consolidated subsidiaries, namely Air Japan Co (AJX) and ANA & JP Express Co (AJV), as follows:

• Merger schedule: Approval of AJX/AJV merger expected to be approved at EGM, with the merger date scheduled to become effective on 01-Jul-2010, subject to necessary approvals;
• Method of merger: Will be an acquisition and merger, with AJX the surviving company and AJV to be dissolved;
• Allocation of shares: ANA acquired the AJV shares held by Japan Post Service Co Ltd, Nippon Express Co Ltd and Mitsui O.S.K. Lines Ltd on 01-Apr-2010. As a result, as of the scheduled effective date, both companies in the merger will become wholly-owned subsidiaries of ANA, and there will be no issue of new shares or payment of funds resulting from the merger;
• Post merger status of combined airlines: The company will be named Air Japan Co, with capitalisation of JPY50 billion. [more]