All Nippon Airways parent ANA Holdings has postponed its takeover of Nippon Cargo Airlines for a second time, saying that anti-trust authorities need more time to review the deal.
In a stock exchange filing, the company says it now expects the transfer of ownership will take place on 1 April, a two-month delay from the original 1 February deadline.
ANA Holdings says it is “taking into consideration the time to complete the review of the business combination that will result from the share exchange by the relevant authorities in Japan and foreign countries”.
The firm had previously announced a delay in late-September 2023 on similar grounds. ANA in July announced plans to acquire Nippon Cargo from logistics giant NYK, in a deal that would make the cargo carrier a wholly-owned subsidiary of the group.
Adds the airline group: “As a result of making Nippon Cargo a wholly-owned subsidiary… the balance sheet and the income statement will be consolidated from the first quarter in the fiscal year ending March 2025.”
According to Cirium fleets data, Nippon Cargo has an in-service fleet of eight Boeing 747-8Fs. It also owns seven -400Fs that are operated by Atlas Air and ASL Airlines Belgium.
