bidding-war-for-japan-airlines-heats-up

Bidding war for Japan Airlines heats up

American Airlines and TPG offer $1.1 billion for Japan Airlines, exceeding Delta Air LinesÆ $1.03 billion offer.

American Airlines, in partnership with private equity firm TPG, yesterday offered a $1.1 billion capital infusion to Japan Airlines JAL and cited an additional $700 million in incremental income from anti-trust immunity as it upped the stakes for Japan's ailing flagship carrier.

At a press conference in Tokyo, American Airlines' chief financial officer, Tom Horton, said As part of a comprehensive restructuring, American, oneworld and TPG are willing to invest up to $1.1 billion in JAL to bolster its financial foundation for the near and long-term.

On its own, the offer barely exceeds the $1.03 billion offer from Delta Air Lines and Skyteam last month. However, Horton said the offer is really worth...

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