All Nippon Airways (ANA) has announced a company split and said it will restructure as it deals with a more competitive environment, according to a statement.
Under the reforms, all business—except that regarding control or supervision of companies in which shares are held—will be transferred to ANA Holdings, a wholly owned subsidiary of All Nippon Airways Co. Ltd., according to the statement.
"The purposes of the shifting are to strengthen Group management and to enable autonomous management of each of its Group companies," ANA said.
The effective date for the absorption-type company split will be April 1, 2013, pending shareholder approval at a June 19 meeting and regulatory clearance.
ANA said aviation in Japan was set to go through a "major transition period," including expansion of airport capacity in Metro Tokyo, further deregulation in the airline industry, creation of more LCCs and increased competition.
Article Source : ATW Daily News
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