ABU DHABI — Etihad Airways is working toward meeting a July 31 deadline to win regulatory approvals on its planned $379 million purchase of a stake in India's Jet Airways, the Abu Dhabi-based carrier said on Wednesday. Etihad, which is on an acquisition drive, agreed in April to buy a 24 percent stake in Jet in a deal that would provide India's largest carrier with a deep-pocketed global partner as well as cash to help pay off debts. But political concerns and scrutiny by Indian market regulators have delayed the deal and it risks missing a so-called "long-stop" date of July 31, before which regulatory approvals had to be secured. "Both parties are working toward achieving the regulatory approvals before the long-stop date ... stipulated in the agreement. We are not in a position to comment further at this time," Etihad said in an emailed statement on Wednesday. The deadline could be extended by the airlines but Etihad may also look to renegotiate terms of the deal, an industry expert said. "It is certain that they (Etihad) will seek for compensation for the projected financial implications of any renegotiation on the control clauses and on the timing to fruition of the deal," said Stefano Sala, a partner at Avinomics, a Frankfurt-based specialist aviation investment advisory company. – Reuters
