Harrison-based Atlas Air, DHL get government approval
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- May
- 10
Atlas Air Worldwide Holdings Inc. of Harrison, the air cargo services company, and DHL have gotten a key regulatory approval for DHL Express to acquire a 49 percent interest in Atlas subsidiary Polar Air Cargo Worldwide Inc.
Atlas said this morning that the U.S. Department of Transportation has issued final orders approving the deal. The company said it is still working on getting approval from the Federal Aviation Administration and foreign regulators.
Atlas Air and DHL announced last November they had agreed to a 20-year commercial arrangement that will give DHL access to Polar’s six Boeing 747-400 Freighter planes and other benefits. Atlas Air estimated the deal would bring in up to $3.5 billion in revenues.
DHL, a shipping company that is a subsidiary of German-based Deutsche Post AG, will also get a 25 percent voting interest in Polar in exchange for $150 million.
Atlas Air shares were trading at $59.13, up 23 cents, at 10:07 this morning.
This entry was posted
on Thursday, May 10th, 2007 at 10:24 am by Allan Drury.
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