02-Feb-2006 9:56 AM
Fraport - Manila project: Fraport declares end to negotiations
Analysis
Frankfurt (Fraport) - After five months of discussions, Fraport has declared an end to negotiations with a Philippine company to sell Fraport AG's stake in the operating company for the third passenger terminal at Manila Airport.
Fraport AG's Executive Board noted in its meeting today that substantial roadblocks in reaching an agreement could not be removed. For the intended transaction, among others, a waiver of right of first refusal by the co-shareholders was required. This waiver was not declared.
Fraport AG vigorously continues to pursue its claims. In the arbitration proceedings at the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank in Washington, D.C., Fraport is confident that it has a strong case.
Fraport is a CAPA Member. For more information on the Centre for Asia Pacific Aviation's membership service, please click the icon below.
Fraport AG vigorously continues to pursue its claims. In the arbitration proceedings at the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank in Washington, D.C., Fraport is confident that it has a strong case.
Fraport is a CAPA Member. For more information on the Centre for Asia Pacific Aviation's membership service, please click the icon below.
