12 Oct '11, 4am

AirAsia-VietJet deal called off

AirAsia-VietJet deal called off

KUALA LUMPUR: Asia's biggest budget carrier AirAsia has called off a proposed joint venture with VietJet Aviation to launch a low-cost airline, citing a failure to obtain Vietnamese regulatory approvals. In a filing with the Malaysian stock market late Tuesday, AirAsia said the venture had failed to gain government permission to employ the AirAsia brand across VietJet's commercial operations, and other required approvals. "As those conditions are fundamental for the successful conduct of the business model for the intended joint venture, the company has decided to allow the joint venture to lapse with immediate effect," it said. AirAsia said it would face no legal or financial impact from the move. The Malaysia-based budget carrier, which has expanded rapidly through joint ventures in neighbouring countries, announced in February it had bought a 30 per cent stake in VietJe...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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