Travel organization Sunweb cannot be forced to take over counterpart Corendon after all. The court in Amsterdam determined this on Tuesday. The two parties concluded a purchase agreement for 146 million euros in 2019, but Sunweb withdrew in November 2020 because Corendon had not met all the conditions. Corendon wants the takeover to go ahead. It lost a summary judgment and appealed.
According to Sunweb, Corendon could not guarantee that Corendon Dutch Airlines would not need to apply for a new operating license after the acquisition, as agreed in the purchase contract. A new application to the Human Environment and Transport Inspectorate (ILT) would entail additional costs. The judge followed Sunweb in this argument, because Corendon was unable to provide written confirmation from the ILT.
In December last year, the summary proceedings judge stated that it was indeed plausible that the ILT would maintain this permit. Nevertheless, the judge rejected Corendon’s request, according to her, because the consequences of a forced takeover for the ‘continuity’ of Sunweb and its owner, the investment company Triton, would be ‘incalculable’. This had everything to do with the difficult financial circumstances in the travel world, which has been hit hard by the corona crisis.
Also read: Travel companies Sunweb and Corendon clash in court
Court confirms: Sunweb does not have to take over Corendon
Source link Court confirms: Sunweb does not have to take over Corendon