The Israeli airline Israelair has announced the cancellation of its plans to acquire the Czech low-cost carrier Smart Wings. The decision to cancel the deal was due to the refusal of the Chinese company CHINA CITIC, which owns 49.92% of Smart Wings’ shares. Although negotiations were at an advanced stage and the Czech owners, who hold 50.08% of the shares, agreed to the sale, their Chinese partners ultimately declined after several months of delays.
The cancellation of the acquisition is a setback for Israelair as it had been working towards expanding its operations and presence in Europe. The decision by CHINA CITIC to reject the deal showcases the complexities and challenges of international business negotiations. Despite this setback, Israelair remains focused on providing excellent service to its passengers and maintaining a strong presence in the industry.
This news comes as a surprise to many in the aviation industry, as the deal seemed promising and almost finalized. However, Israelair is still exploring opportunities for growth and expansion in the aviation market. The cancellation of the deal serves as a learning experience for Israelair as it continues to navigate the complexities of international business negotiations while remaining committed to delivering quality service to its customers.
In conclusion, Israelair’s decision to cancel its plans to acquire Smart Wings highlights how challenging international business negotiations can be. Despite this setback, Israelair remains focused on expanding its presence in Europe while delivering exceptional service to its passengers.