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…
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 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.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
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